I think that Russia's actions in the Ukraine are understandable and insofar as all they want is east Ukraine up to the Dneiper, yes its acceptable. East Ukraine is largely populated with Russian speaking ethnic Russians, and historically it was Russian territory.
As far as Georgia is concerned, I have doubts about the tactics, but I believe that Russia is not keen to take over Georgia. I think it is trying to warn Georgia off aligning with the west. I think that it is somewhat heavy-handed and anyway - I very much doubt that any western country could do anything if Russia did move into Georgia.
I think I've said before - if we leave Russia alone and stop imagining that it is somehow the USSR revisited, we will have no trouble. What I fear most is being dragged into a macho American confrontation - which America does not have the capacity to win.