Under NATO rules an attack on one member is an attack on all and would trigger a military response. This makes Georgia's accession to NATO unlikely in the near future.
BP have just closed a gas pipeline (Baku-Ceyhan) - "just in case". Control of this pipeline would give the Russians almost complete control of supply of gas to the EU.
The beauty of the operation is that they don't even have to take over Georgia (which would take 3-4 months) they only have to threaten to do it.
Georgia's decision to reconsolodate South Ossetia (and possibly extend to Abkhazia) appears to be astoundingly bad judgement. Sakashvili (sic) should assess his position. The Russians have been given what they want on a plate.
The US has been expanding influence using soft power in this region for some time, but that has now been blow, thanks to the emotive internal issues.
The deal will be - you have the pipeline but Georgia stays out of NATO.