I hope the olympics at least break even. Russia has a chance to show that there can be competent management there. If Mitt Romney doesn't win the presidential election here, we'll be happy to send him over there, he got the Salt Lake City (Utah) Olympics on track . (He wasn't a great Governor here in the Commonwealth of Massachusetts, but it's a fated job.) As for long term effects, Russia will get a new place to train for future winter Olympics, and the USA and Canada will learn of a new city to visit in Russia for winter sports vacations. There is also the potential for future world events like the insane downhill sledding sports and ski jumping that need top-notch facilities. All three happened after the Lake Placid (New York) Olympics. Putin's ski resort town will make him a local hero.

On a political note, Russia might want to lighten up on Georgia a bit now, they DO live next door... Georgia has an advertizing campaign on the business channels here in the States encouraging investment.

Just some initial thoughts.
mishau_ 's avatar looks like he's already in training.