This ruling only applies to copyrighted content that is legally and publicly available. Linking to content that is behind e.g. a paywall would constitute a copyright-infringement. Similarly, it doesn't rule that linking to publicly available, but unauthorized content would be legal, that is an entirely different matter.
Why is this ruling important, then? Well, it could be used as a stepping-stone for more in-depth ruling about linking to content, like e.g. the aforementioned unauthorized content. Similarly, many journalists, newspapers and whatnot have been sued in the recent past for copyright-infringement simply for linking to an article on another newspapers' website. Some companies are even trying to extort money from Google and other search-engines for the same thing, so now they could possibly use this ruling as a defense. Search-engines aren't journalists, that's true, but a new ruling could be based on this one and grant search-engines the same rights in hyperlinking.