Some views of mine:-
Its hard to evaluate the expenditure of Sochi without doing some heavy number crunching.
But to me, it looks very likely to be worthwhile. Its a showcase for Russia to attract visitors and inward investment/collaboration. It also means Russians and non-Russians have a wonderful option for holidays in both Summer, Winter and in between. It will also become a great place to locate businesses - hi tec and other. Some foreigners will think "ahh Russia is always cold and dark". But when they see Sochi, they will think of an entirely different Russia.
I think its easy to see some of the problems of Russia. A big one is demographics - people leaving, people retiring and less working age people. There's also the emergence of shale oil. And powerful new rivals like China, the EU, Asia etc etc. Russia is a super-power, but it doesn't bully the global economy - in the way the US has. There's also a entreprenuerialism problems, a small lower middle class income group. And there aren't many "global brands" from Russia yet. Civil aviation, hi tec, cars etc are still emerging. Finally, the banking sector isn't that helpful to business yet. And far from Moscow, there are still a fair number of people below the poverty line
Ofcourse, like all countries, Russia has its challenges. But it also has its strengths.
Westerners can talk about "stagnation". But much of that is relevant for foreign investors, and Western economic ideologies only. Whats really important is sustainable and high quality of life.
Putin is right when he talks about aiming for efficiency improvement.
Some things will take time to develop. Hi-tech, Arctic resources, civil aviation, vehicles, banking and finance. Likewise with tourism and other things. The Customs Union will take time to develop - in terms of identity and ambit. Ofcourse the 1st wave of growth was built around oil prices and hasn't filtered thro to large parts of society. Russia has expertise and resources, much for other countries to be extremely jealous of. So I think people should be optimistic and bold, but also pragmatic and not show complacency. Personally, while I think its very sad to see people suffer under "free market" systems, there ARE also reasons to be very excited about Russia's future.