Ukraine crisis: independence vote in the east to go ahead, state rebels
Interesting that Putin wants to delay the vote and the separatists want the vote to proceed
By now it is evident that the pro-Russian activists in Ukraine are weaker militarily than the pro-Western activists, hinted at early on by Yanukovych's flight to Russia rather than eastern Ukraine. Putin never wanted to directly intervene with the exception of securing the Crimea because of the naval base there, he would rather have a strong pro-Russian faction in an independent Ukraine. However the situation have not developed that way.
So now Putin is both playing "good cop" (the pro-Russian activists being "bad cop") and playing for time for several likely reasons:
1) to better prepare the pro-Russian activists for military conflict with the pro-Western activists
2) to better prepare Russia for the additional economic sanctions that are likely to follow
3) to better prepare the Russian military for an intervention in eastern Ukraine (even if it is a last resort) and to counter a NATO counter-intervention up to the cusp of WW3 if it comes to that
I believe Russia has communicated clearly that it values Ukraine now as dearly as China valued Korea at the time of the Korean war and will respond accordingly if a defeat of the pro-Russian faction by a hostile pro-Western faction becomes imminent.