Russia needs the Crimean Peninsula, yes, and no one should be surprised by what they did. Will they stop there? Unfortunately I doubt it because it would be too easy to annex everything in their path to the Black Sea.
The problem for the west is that the Ukraine allowed the removal of their nuclear weapons, which was handled by the US. If the west doesn't defend them now, what message does that send to Iran and North Korea?
The lesson so far: He who has nucks doesn't need to depend on fickle western super powers for their protection, and everybody else is meat for a hungry aggressor.
If I had family in the Ukraine, I'd send them a plane ticket asap.