Yes, Putin's definitely got something up his sleeve besides a hairy arm.
What did he have up his sleeve when he came out 3 times and publically endorsed Bush over Kerry? Did Blair, Sharon or Berlusconi do this even once? No.
Our relationship with Russia is much more complex, than it appears on the surface. They have been and are very helpful to us, mostly behind the scenes, but sometimesin the open. But Putin also has to make sure to maintain his position.
Many people also forget, that before the presidential elections, Putin came out and not only endorsed President Bush, but made statements to the effect, that Bush is the only one who can fight and win the War on Terror. Putin also supported Bush, by revealing that Russian intelligence knew and told the US, that Saddam was indeed planning to launch terrorist attacks in the US, which is also carefully "forgotten" by the MSM.