Naturally, disillusionment set it, and Yushchenko's Our Ukraine party has been punished in subsequent elections with ever dwindling support and relegation to a weak third place among the three leading parties. Yanukovych, on the other hand, has managed to keep a strong bloc of support, primarily in eastern Ukraine, where Russian is more widely spoken than Ukrainian and where his friendly relations with Putin's Russia are welcomed. His Party of the Regions has won the most votes in all the parliamentary elections since the Orange Revolution, and he has managed to lead coalition governments that have usually been at odds with the president on many issues.

In September 30 elections this year, Yanukovych won 34.27 percent of the vote and Yushchenko 14.2 percent. The party showing the greatest gains was that of Yulia Tymoshenko, whose populist policies won her 30.78 percent of the vote, an increase of some eight percent since the last round of national elections, in 2006. And although the parties of Orange Revolution allies Yushchenko and Tymoshenko are expected to join forces to form a government with Tymoshenko as premier, there could be another period of uncertain rule ahead for Ukraine.

It is this political uncertainty that dominates reporting in the West about Ukraine. However, there is another, more interesting story unfolding on the ground.

In hindsight, there were two results of the Orange Revolution that are of great importance to Ukraine. First, democracy triumphed, and free and fair elections have become the norm. Second, the all-too-close relationship between government and business that had characterized Kuchma's 10 years in power came to an end.

Thus, rather like Italy, which since World War II has experienced an endless succession of governments but yet has prospered economically, Ukraine's business sector has begun to blossom in the last three years, liberated from excessive interference by overly intrusive government.

Kyiv (which is how the Ukrainians like to spell it) has all the trappings of a boom town, with shiny new office buildings pushing their way onto the skyline, glitzy stores selling the latest fashions from Paris and Milan, and streets packed with cars, including a large number of luxury brands. The venerable Ladas and Moskvich of Soviet days are barely in evidence today.

Beneath this show, the city beats with an energy that is transforming Ukraine. Young, well-educated Ukrainians are taking over key positions, in both government and the private sector, and almost everyone (in the private sector, at least) seems to be working long hours to secure a good future.