The recent brief conflict between Russia and Georgia, fought over two disputed Georgian territories proved to be one of the most significant events of the year. Auspiciously, or inauspiciously, starting on the same day as the opening of the Beijing Olympics, this conflict set off a load of alarms all over the world, especially in Europe and the US, over the aggressiveness of Russia and the possibility of a new era of global confrontation with the heir of the West's Cold War foe Soviet Union. Several issues were perceived from the conflict including that of the right of places to secede due to ethnic or cultural differences (Kosovo being a striking example), which brought up inevitable comparisons with Taiwan's situation, Russia as a resurgent foe and possibly wanting to invade other nations namely Ukraine, and the role of the US as global superpower being brought into question, in its inability to directly assist Georgia. The biggest issue has to be that seemingly overnight, the possibility loomed of a new military conflict with a dangerous Russia and the West. Notwithstanding the many civil wars and conflicts happening all over the world and the US troubles in Afghanistan and Iraq, the closeness of the threat of Russian military actions on Europe aka the developed world and the European dependency on Russian oil supplies, shocked the EU.
There's no doubt that Russia delivered a savage retribution to Georgia which was far destructive and brutal than Georgia's initial aggression. In the interest of being a cooperative and moral power it should retreat from Georgian territory and allow for international probe and peacekeeping in the disputed areas. But there is also no question that Georgia was the aggressor, sending tanks and soldiers into the disputed territories and attempting to take control by force. The real question which should be asked is was there any substantial Western or American role in this action or was it solely the Georgian leader's prerogative?
Back in April earlier this year, there were already signs of possibly military action by Georgia which was detected by Russia who warned of retaliation.

A roundup of interesting reading:
Here's the French President warning of a "new Cold War" before an emergency NATO meeting in mid-August.
This piece written as the conflict broke out, claims that the conflict is mainly about Russia's concern and anger over Georgia's NATO yearning. The writer does make a good point about Russia's hypocrisy in crushing separatists in Chechnya while endorsing the rights of South Ossetia to separate.
Foreign affairs expert columnist Gwynne Dyer says a new Cold War might be possible.
This article from Canadian Dimension examines the role of the US as an instigator in the conflict given its support for Georgia's leader Saakashvili and its foreign policy moves.
Commentators such as this one think a Russian move on Ukraine is very plausible.
This Guardian editorial slams Russia for its military action and claims that this is a sign of its weakening.
And finally to get a good overview of the conflict, check the BBC here.