From noted anti-spam professional and "Internet for Dummies" author John Levine:
By my reading this is as close to a complete victory as Spamhaus could have hoped for. There was no chance the appeals court would throw out the default, since that would have been an invitation to every losing defendant in the midwest to tell their lawyers to withdraw so they could start the case over again. Beyond that, E360 now has no damages and no injunction, and a steep hill to climb to get either of them back.
[...] As I read the decision, the only injunction that E360 is entitled to at this point is one forbidding Spamhaus from saying that E360 was spamming in September 2006. (Well, OK.) If they have been spamming since then, which I happen to know they have since they've sent quite a lot of it to users on my network, Spamhaus is free to re-list them, and any plausible injunction forbidding that would fail as prior restraint. (emphasis added)
Read John's full commentary here.