At this point, it may be possible to speculate on what the real Russian “war aims” are. A brief summary:
1.Did the Russians bait the Georgians into starting a fight that the Russians were prepared to finish? I think that the Georgian military is deeply compromised by Russian intelligence.
2. Was this merely an effort to protect the ethnic Russians in S. Ossetia? Protect the battalion of Russian “peacekeepers”?
At this point, that line of thinking seems to be moot, and disappearing cover story.
3. Are the Russians preparing for an amphibious assault, from the sea? That is no spontaneous, spur of the moment action. Ships are mobilized, crews and tactics discussed, fueled, etc. This takes time. Days, at least to recall crews, prepare logistics, etc.

Speculation, based on postings here and things heard on the TV:
War Aims: Neutralize Georgia completely. This campaign may take weeks (where’s the UN? on vacation). This may not require a total military victory in the field, but a capitualation by the Georgian government, and the installation of a government that is pro-Russian. And the country will be dissected, with the creation of several new “autonomous” regions that happen to be “friendly” to the Russians. The question now is how much military pain the Georgians can take before capitualation. The Russians will then be able to keep the knife at their throats for the forseeable future.

NATO and the US will do nothing. Turkey now realizes the price it paid for hamstringing the US in the opening phase of OIF. This could actually fracture NATO.

Ukraine, you’re next.

Don’t be so sure that this helps McCain. If he appears out of step with the other NATO governments, while the Russians control all the “News” out of Georgia (information war, against C3), our reality will be what they tell us it is. If intrepid US reporters won’t venture out of the Green Zone in Iraq, don’t expect them to venture into a real war in Georgia to get any independent facts. An era of unreality is about to descend on us. Did Fukyama predict that one?

Obama can easily parrot the NATO – EU line, because that’s what he believes. And this country (the US) is not in the mood to get involved in this dirty little war. Any overt involvement could actually hurt McCain and help Obama with many voters.
I think Putin gets everything he wants out of this. I hope the EU is happy; a re-alignment of world power is beginning.