George Friedman offers his analysis in The New York Review of Books.

The Russian invasion of Georgia has not changed the balance of power in Eurasia. It has simply announced that the balance of power had already shifted.

The Russians knew that the United States would denounce their attack. This actually plays into Russian hands. The more vocal senior US leaders are, the greater the contrast with their inaction, and the Russians wanted to drive home the idea that American guarantees are empty talk. The Russians also know something else that is of vital importance. For the United States, the Middle East is far more important than the Caucasus, and Iran is particularly important. The United States wants the Russians to participate in sanctions against Iran. Even more importantly, it does not want the Russians to sell weapons to Iran, particularly the highly effective S-300 air defense system. Georgia is a marginal issue to the United States; Iran is a central issue. The Russians are in a position to pose serious problems for the United States not only in Iran, but also with weapons sales to other countries, like Syria.

Therefore, the United States has a problem—either it must reorient its strategy away from the Middle East and toward the Caucasus, or it has to seriously limit its response to Georgia to avoid a Russian counter in Iran. Even if the United States had an appetite for war in Georgia at this time, it would have to calculate the Russian response in Iran—and possibly in Afghanistan (even though Moscow's interests there are currently aligned with those of Washington).

In other words, the Russians have backed the Americans into a corner.