According to Groklaw, the appeals court has just significantly narrowed the scope of what can be patented in the United States. They didn’t go so-far as to invalidate software patents (unfortunately), but it looks like they have invalidated most “business method” patents, and probably narrowed software patents.
Experts are still digesting exactly what this means, but it looks like a victory for anyone that (like me), believes that the recent expansive view of what can be patented has retarded rather than advanced the cause of innovation.