Imo, you guys are vastly oversimplifying the issue.
Russia's motivation isn't solely after land and power. That may be part of it, but assuming that it entirely explains their view put us in this ****ty situation in the first place.
Let us consider Russia's viewpoint. They lost the cold war, and all their territories. What were the significance of the territories before the end of the war? They were a bit of a safety bubble around Russia to protect it from any threat.
So they lose their protection. "What's the problem? We aren't going to invade them or anything" you say... Well, yes, that's true. But it certainly doesn't appear that way. NATO (the cold war anti-russian military alliance) has been constantly expanding closer to Russia. Soon, Georgia would have been admitted through the constant pushing of the US, with Ukraine probably soon to follow.
So now the military alliance has terriories on the borders of Russia. Not only that, we were training and supplying the Georgian military. AND THEN THE GEORGIAN MILITARY INVADES! The Russians are thinking maybe this is a test run for a incoming invasion of Russia. Now Russia is thinking "**** ****" just like we were during the cuban missile crisis. But there are no missiles right? Well actually we (the US) are about to put a missile base in Poland. We say it is for defense against Iran, but then we are trying to push the deal through Congress claiming it is for defense against the Russians. This contradiction, as well as a few others, makes our motives for all of our recent actions seem very questionable. Questionable motives combined with military build-up makes for a very scary situation.
So now the Russians are scared ****less, and decide that having a country right next to them allied with NATO is not a good idea. Therefore, to show all the soviet satellites, they invade Georgia to tell Georgia and the other satellites not to ally with NATO. Plus, Georgia gave Russia a great excuse to invade by invading South Ossetia, and the US (with a still far superior military) is tied up in the Middle East and unable to react.
So what should this tell us? Our politicians are ****ing idiots. We need to stop threatening Russia. However, there are very few decent options right now. We have no way to back any threats with substantial action. Probably the only course of action that might work is to allow Russia to apply to NATO. This would lend credibilty to the fact that we aren't intending to threaten it, and will quell the Russian need for expansion. Probably. (Edited for a bit more explanation)
Here is some supplemental reading since i don't really feel like typing more. Feel free to ignore it, but it is an interesting and insightful read.
http://www.twq.com/02winter/baker.pdf (Written in 2003.)