What happened in Nalchik? And what does it mean?

I can't presume to answer these questions from so far away. But luckily the Institute for War and Peace Reporting has people on the scene who have provided what seem to me to be comprehensive and informative accounts. I haven't had time to scan the English-language mainstream media for Nalchik coverage, so I might be wrong about this, but I would guess these pieces are better than most of what you'll find there. See below.

Counting the Cost of Nalchik's 24-Hour War

Soul-Searching After Kabardino-Balkaria Violence