The project is widely discussed in Internet. in October, 2014, there are reports about building of the first tens of kilometres of the anti–tank trench along the border. 
First, the fortification is supposed to be arranged along that part of the border, that is not occupied by the Russian troops. After fortification of that part of border, the future about the occupier territories can be reconsidered.
The long lines of fortification along the border of contry have historical analogies:
http://en.wikipedia.org/wiki/Great_Wall_of_China (220–206 BC)
http://en.wikipedia.org/wiki/Mannerheim_Line (1920–1924 and 1932–1939)
The Mannerheim Line was very important to stop the advances of the Soviet invasion into Finland in 1939. At the crossing of the Mannerheim line, the Red Army had been almost destroyed, Suomi kept their Sovereignty at the most of territory of FInland; the relatively small part in Karelia had been annexed by the USSR during the World War 2 (1939–1945). The damage of the USSR in the World War 2 was heavy; the reproductive capacity of the Soviet people had been affected (the most creative part of the population had been killed), and, within two generations, USSR had collapsed.
Similar effect for Russia, since the Russian invasion into Ukraine, is expected to be observed an order of magnitude sooner, and the Kolomoisky line may be important mechanism to destroy the most of the Russian army at the continuation of the Russian aggression.
- http://www.unian.ua/society/996272-ukrajina-vje-vidgorodilasya-vid-rosiji-80-kilometrami-protitankovogo-rovu.html Україна вже відгородилася від Росії 80 кілометрами протитанкового рову 15.10.2014 | 12:31.