I'm going to go out on a limb and predict that this whole thing will blow over soon, i.e. Russia is going to withdraw fully from Georgia. Russia trying to reintegrate parts of Georgia would make Saakashvilli's idiotic attack on South Ossetia look like a piece of strategic genius.
Also I doubt there is going to be a new cold war, simply because the US is still far too powerful , despite two wars in Afghanistan and Iraq. A cold war implies some kind of equality, which there clearly isn't (sorry vadz

). GDP, population, military spending, Russia is not in the same league as the US.
In any case, Russia and the West need each other far too much to let the relationship get fucked up by the foolish actions of the leader of Georgia. Russia is sending the West a message - we are back, don't fuck with us anymore, and treat us with some respect. Germany and France have already got the message, but it might take the US a bit longer, unless Obama gets elected in November