Oh, Russia has vastly improved since Georgia. They learned the lessons they needed to and they modernized portions of their military very effectively. They cut down the bloated bureaucracy and streamlined information management, which is vitally important in 21st century combat. They're using Syria and Crimea as an opportunity for their elite forces to cut their teeth and get some actual on the ground combat experience, as well as an opportunity to tease out other operational weaknesses they can remedy in the future.
Their problem is that they are a very poor country and they simply don't have the resources to modernize their entire military. Their best is very, very good. But the rest are mediocre at best and they in no way have the resources to fight an extended war on multiple fronts, which is their only option in a conflict with NATO. Also their key ally - China - doesn't have a ton of interest in war at this point, IMO, because they are still so reliant on the US as an export partner. Also with Japan tooling up and the US's close ties with many nations in the region, China would have their hands full in their own Pacific theater and be unlikely to be capable of offering any real assistance to the Russkies in their Western theater.
It would take a few months I suppose, but Russia would lose and lose badly.
All assuming non-nuclear.