A good description of the changing world order by a brilliant blogger and subject matter expert is Daniel Drezner's in the latest Foreign Affairs. Here is the summary:
"Controversies over the war in Iraq and U.S. unilateralism have overshadowed a more pragmatic and multilateral component of the Bush administration's grand strategy: its attempt to reconfigure U.S. foreign policy and international institutions in order to account for shifts in the global distribution of power and the emergence of states such as China and India. This unheralded move is well intentioned and well advised, and Washington should redouble its efforts."