Unlike some of the other Russian programs (*cough* PAK-FA *cough*) which seem to have overly aggressive time frames, this program has a realistic time frame, and the technical requirements are rather modest (paid subscription required) :

“At the end of the first stage, we selected four options [for the future bomber] out of an initial 47 for further consideration and analysis,” [head of the Special Aircraft Division, Alexander] Bobryshev said during a Dec. 23 meeting with Russian Prime Minister Vladimir Putin. Bobryshev committed to the design being completed in 2011-12, with development of the aircraft to be finished by 2017. Funding needs were not disclosed.

[Strategic aviation commander Maj. Gen. Anatoly] Zhikharev says the new bomber will be low-observable, using advanced materials and other technologies. However, he notes that it cannot be made “invisible,” signaling Russia will not pursue the all-aspect, multi-signature stealth performance the U.S. is considering for its next-generation bomber project.

Part of this is, I think, the understanding that if they were to go up against a highly integrated ground bases air defense system, it would be based on their technology, where they would have intimate knowledge of the technology and capabilities, as NATO relies more heavily on aircraft for this sort of defense.

Additionally, they are no doubt aware how expensive the full up stealth is, and they know how improvements in processing and the combination of signals from various sensors have the promise of negating stealth to a significant degree in the next few years.

Also, the Russians do not have the need for the extremely long range power projection capabilities that the US does. They are primarily concerned about their “near abroad”, basically former Soviet Republics and Warsaw Pact nations, with a special focus on Georgia and Ukraine, where NATO membership is unlikely in the foreseeable future.