Kosovo Independence
It seems that contrary to the wishes of Kosovo's Serbian minority, Serbia, and Russia Kosovo has declared independence from Serbia and various western countries will recognize their declaration. Given the status quo as it existed last week, this is the right thing to do, but that the situation reached the present impasse was a pretty serious failing. It seems likely that the main price will be paid by people in Georgia (former Soviet Georgia, that is) where Russia will retaliate by recognizing the independent of Abkhazia and possibly touching off some intensified conflict there.