The Ruskies want a deal on missile defense, mainly a legal treaty that the SM-3 won't touch their nukes. Which the U.S. won't do unless the Russians agree to limits on their tactical nuclear weapons. And even then, the U.S. probably won't sign a legal treaty saying that.
Basically, what the President is saying, is any discussions on missile defense or nuclear arms reductions will have to wait until after the election due to 1. The President does not have the manpower to head into discussions, and 2. It makes no sense to head toward a deal when no way anyone in the Senate will touch it.
What the adminsitration will offer is to allow the Russians to see the burnout data of the SM-3 Block II B to show it can't hit a Russian ICBM, which it can't. Plus, we will invite the Russians to participate in the NATO system. (Radar mainly)
The President is not going to cave on missile defense, not at all. He is not suddenly going to kill the SM-3 Block IIB. He just wants to get a hell of a lot of the Russians before we start any dialogue on regional missile defense architecture.
So, I didn't and wouldn't make anything out of it.