The significance of this decision on a worldwide scale is quite big as right now, MGM vs. Grokster is active inside the U.S. Supreme Court, and MGM want Grokster to be found liable for copyright infringement that allegedly takes place on the P2P network. Punishing legitimate technology for the illegitimate uses of some of its users is wrong and in 1984 the U.S. Supreme Court ruled in favour of Sony after the company was sued over its VCRs. That decision proved excellent for both sides as the movie industry turned VHS tapes into a multi-billion dollar market. Also somebody needs to remind the RIAJ that P2P doesn't corrupt the cycle of music, there is a lot more music in the world not being offered by their or any other major record label.
Source:
PC Pro