It's late, Kim Clijsters has been beaten by Lindsay Davenport, I have watched 2 hours of CSI in a row and now the news is out: Recording Industry and Moviemakers, 1; file-sharing networks, 0. Here's what the Beeb had to say about it.
Somehow I get the impression that a few other court decisions cited in the article didn't make the most sense, but of course I hardly know the details on any of them.
Off the top of my head, I predict the following to happen: Massive downloading of MP3 and movie files by users, before the lawsuits and injunctions fly in and file-sharing companies shut down or modify their business practices.
Anyway, you can read the decision here on the Supreme Court website, or on the BBC mirror. Wonder if Professor Lessig will have anything to say about this.