Much better than "You", which while I applaud for it's daring, was still really, really dumb.
I think it was a total cop out on the part of TIME. I mean, c'mon... a reflective cover with the word "YOU!" in bold colors? It was anticlimactic. Obviously if you allude to the Man of the Year just being... someone; you're bound to hit the nail on the head but where's the effort? Go World! Sheesh.
I concur whole-heartedly Demo.
Putin is quite the character, though I worry about the direction Russia is going these days...
Aside from a few external events, I'd say that the Russian National Identity is pretty internalized these days and Putin pretty much represents that at home and abroad. He has so much as said that his intention, in making Russia a world power on economical par with the likes of the US, India and China, is countered by a my-backyard mentality whereby if Russia wants to be left to its own devices.
Russia isn't Putin, despite his popularity over the last eight years. He certainly has played a huge part, but the likes of Yeltsin and Gorbachev were largely responsible for laying the ground work (or rather, tearing up the ground before hand) so that a man like Putin could do what he does best - encourage unity. In the face of slashed freedoms and liberties the people of Russia have, by and large, sided with his choices. It's downright scary what has happened with the vocal oppositions though, I'll admit.
Regardless, he has made his mark - hence the "of the Year" honorific.
Russia scares me less, given that its recent economic expansion has been almost totally dependent on sky-rocketing oil prices and I give Putin credit for doing what he has, getting the job done, but history (and presumably God) will judge him how it sees fit.
Although, that move to resume activities in the Mediterranean by General-What-the-Fuck-Cold-War-Relic-Set-To-Retire-But-Wont kind of freaked me out.