Kosovo declared independence from Serbia today, thus ending the final chapter in the break-up of former Yugoslavia.
You can read about it here.
A recently leaked memo from the meeting of US and Slovene diplomats few months ago on the issue of Kosovo (Slovenia has presidency of the EU from 1.1.2008 till july when France takes over) leads me to believe that Slovenia, as a former member of Yugoslavian federacy, will be the first to recognise the new independent state, with US following the move.
Russia will not be pleased and will probably have something to say in the UN's security council meeting this week (according to foreign minister Sergei Lavrov). Serbia will not give up so easy but its defense minister already said Serbia will not use force against Kosovo (diplomatic and economic sanctions are expected though from both Russia and Serbia).
There's certainly a lot of tension in the air between US and Russia right now and this is only going to make it worse.

Links:
Reuters
More background on Kosovo from ForeignAffairs.org
MSNBC News