Putin is too much of a militarist. We'll never know what really happened, especially if a Russian sub was involved in this incident. Some US subs in the area would have recorded it, but I doubt the US would fill us in on this either.
If the missile did fail, it's not a biggie, they have conducted several successful tests in the past. However this bit about Putin on a sub (which I doubt submerged with him onboard) is generally a political stunt, much more lavish then Bush's carrier romp, but along the same lines. It does however tell us who they perceive their true enemies to be (hint: Al Qaeda/Chechens don't have a navy).
- Mike