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One long-term effect was to bring Russia into greater cultural contact with the west, partly as a result of Peter's own journeys throughout western Europe. Although most of the landmass of Russia lay in Asia, the nation, partly thanks to Peter's influence, has long had important connects with the west.
In the short term, Peter did manage to make Russia somewhat more modern. He was able to make his government a bit more efficient and more centralized. Russia was able, because of him, to become an important military power. In the long term, though, he didn't have that much effect because the nobles didn't like his reforms to the extent that they undid most of them after he died.
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