V_V comments on Calibrating your probability estimates of world events: Russia vs Ukraine, 6 months later. - Less Wrong Discussion
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If Russia takes a NATO country and the US doesn't intervene then US troops obviously don't act as tripwires. This implies that the US is an unreliable ally, which would prompt the other NATO members to say a big "fuck you" to the US and take defense on their own hands, which would include turning Europe into the Fourth Reich, rebuilding the Japanese Empire, some countries preemptively siding with Russia, and so on.
Consider two reasons the U.S. has for protecting a country from Russia or China. (1) Because of some document signed a long time ago. (2) Because we would lose a lot if that country fell under the control of Russia or China.
(2) has always been a lot more important than (1). The dead hand of the past is a lot weaker than it seems in international relations.
Having the Germans and Japanese spend more money on their military would benefit the United States. If I were Putin I would consider the main downside of taking Estonia being that German would respond by militarizing.