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Well, Russia and China have a pretty dim view of one another, so I wouldn't expect this organization to be a tightly-organized, coordinated alliance. It may be good for what it says it's for, however -- limiting U.S. influence in the area. If the Russians, China, and the former Soviet bloc states, plus maybe Pakistan and India, can work out a mutual security pact that works, then the members have less reason to accept U.S. protection (and U.S. demands). And why is that necessarily a bad idea _for them?_
As for the U.S. standing in the way of this, there's no way they can stop Russia and China from doing anything they want. Especially since Russia isn't welcome in NATO or the EU, apparently. Iran might go, too, and then what? The Russians have already been pretty buddy-buddy with the Iranians.
At some point, U.S. interests will no longer dominate the world; the world's growing too complex to be dominated by a single nation, or a power block ruled by a single nation. Just as eventually, the British could no longer dominate their empire and had to let it go. It's going to be a little hard for some people to accept America as no longer the king of the world, but no empire lasts forever. And there's life after empire; ask the Brits, the French, the Germans, the Japanese, even the Swedes; they all had empires.
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