The US and its European allies are pressing hard against Russia. The people in Crimea come from a wide range of ethnic backgrounds -- the Russians are merely a plurality not a majority -- but even the Crimean Ukrainians speak Russian as their everyday language. Russian is the language of 97% of Crimea's people, of all ethnic backgrounds. The average Crimeans doesn't see things the way they are portrayed by the US news!
The simple fact is that Russia would not stand a chance in the face of the United States military, completely discounting all the allies the United States has. Russia is a nation facing a lot of internal turmoil, so they talk a big game. At the end of the day, it's all talk. Sure, their behavior in the Ukraine is deplorable, but it's hardly a human rights issue, so there's no reason for the United States to get involved.
No, I don't think Russia is on the way to another battle with America. I think our two countries will always be drawing lines in the sand to provoke one another. We have always had that kind of relationship. It goes in cycles, and always runs it's natural course until the next issue comes along to get things heated up again.
The world is a much different place than it was during the Cold War. Russia is surely exhibiting some force when it comes to Crimea, but I think the West will be able to hold back Russia with sancitons. If Europe could find another alternative energy source, Russia would be in big trouble.