Robert Peterson in his new book Salvation Accomplished by the Son: The Work of Christ (Crossway, 2011), page 301:

What is the place of the cross of Christ in this cosmic restoration? As was the case in the previous passages that we explored, the cross is front and center in reconciliation in Colossians 1 too. God was pleased “to reconcile to himself all things, whether on earth or in heaven, making peace by the blood of his cross” (v. 20). The cross, therefore, is multidirectional. Taking into account all of Scripture’s teaching, the cross is directed toward God himself (in propitiation); toward our enemies, including demons, to defeat them; toward men and women to redeem them; and toward the whole creation to deliver it from “its bondage to decay” and to bring it into “the freedom of the glory of the children of God” (Rom. 8:21). Why will all of these things occur? Why will we be finally saved? Why will the Devil and evil angels not ruin the shalom of the new creation but instead be cast into the lake of fire? Why will there be a new heaven and a new earth? All of these questions have the same answer: because the Son of God died and rose again on the third day.