KHL players would dominate. Russia cruises to victory like the Soviet days when their "amateurs" beat up on inferior competition.
I think knowledgeable Russian fans would see that without NHL participation, it doesn't mean much. I think a deal gets done, we all want the best in the world at the Olympics.
Most Russian fans, I mean the general population not the HFBoards population, won't care. Olympic gold is Olympic gold. They'd be stoked.
Americans would probably be the same. Actually everybody except maybe Canada would be extremely excited by.