Barack Obama, of course, can't rush out and expressly second guess the Bush administration, since Obama is not the president. However, here is an editorial by one of the prominent members of his FP team. The key point he raises is the role of the Ukraine, with a population of 50 million, and his warnings of a return to the Cold War. Notice, that unlike some of the Neocons, Holbrooke does not advocate a military response. Yet, he also does not advocate a big group hug either.
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/10/AR2008081001870.html?hpid=topnews/snip
What can we do? First, Georgia deserves our solidarity and support. (Georgia has supported us; its more than 2,000 troops are the third-largest contingent in Iraq -- understandably those troops are being recalled.) We must get the fighting stopped and preserve Georgia's territorial integrity within its current international border. As soon as hostilities cease, there should be a major, coordinated transatlantic effort to help Tbilisi rebuild and recover.
Second, we should not pretend that Russia is a neutral peacekeeper in conflicts on its borders. Russia is part of the problem, not the solution. For too long, Moscow has used existing international mandates to pursue neo-imperial policies. We must disavow these mandates and insist on truly neutral international forces, under the United Nations, to monitor a future cease-fire and to mediate.
Third, we need to counter Russian pressure on its neighbors, especially Ukraine -- most likely the next target in Moscow's efforts to create a new sphere of hegemony. The United States and the European Union must be clear that Ukraine and Georgia will not be condemned to some kind of gray zone.
Finally, the United States and the European Union must make clear that this kind of aggression will affect our relations and Russia's standing in the West. While Western military intervention in Georgia is out of the question -- and no one wants a 21st-century version of the Cold War -- Moscow's actions cannot be ignored. There is a vast array of political, economic and other areas in which Russia's role and standing will have to be reexamined. Moscow must also be put on notice that its own prestige project -- the Sochi Olympics -- will be affected by its behavior.
Weak Western diplomacy and lack of transatlantic unity failed to prevent an avoidable war. Only strong transatlantic unity can stop this war and begin to repair the immense damage done. Otherwise, we can add one more issue to the growing list of this administration's foreign policy failures.
/snip
Well, I guess Obama is not going to say that he looked in Putin's eyes and found a soulmate like our current President has said.