The compromise seems unlikely too, so what is left? It depend on the choice of the West - if Western countries will proceed with recognition without Serbia's consent I think Russia after some time will unilaterally recognise some de-facto independent states which she will consider worthwile (of course Georgian regions will be the first) and will invite third world countries to do the same.

By the way, these consideration may answer the question of why the US was reluctant to recognize the breakaway Yugoslav republics in 1991 or thereabouts: at that time it was an unquestionable tenet of international relations that you just didn't recognize border changes occurring by force. This taboo originated, I believe, around WWII and is teetering on the brink of irrelevance at the moment.

We have met the enemy, and he is us — Pogo