Our (the West) problem with Putin is similar to the problems we have in the Middle East, in that we appear to prefer promotion of a nebulous concept like 'democracy', ahead of developing much-needed (if somewhat distasteful) practical, strategic-relationships with some of the world's more important despots.
In my view, some places simply do not avail themselves to the democratic process. In the case of Russia, the land-mass is too great, and the vested-interests too fractured, for a democracy to actually ever properly work there, and - in real terms - it is probably much easier to manage under an absolute authoritarian Government. In the case of the Middle East, it's a combination of tribalism and sectarianism that is the issue, and as we have seen in Egypt, the country actually oerates better under a military junta, than it did under the disastrous, yet thankfully brief, period when the Muslim Brotherhood were in control of matters.
The West should really stop trying to impose/promote democracy, as if it is a cure-all for everything that is wrong in authoritarian States. The experience of the last 30 years or so (say, since the Iron Curtain came down) suggests that it ain't necessarily so.