There's an interesting analysis from copyright lawyer Innocenzo Genna that suggests this may not be such good news for the Internet as it seems at first glance.
The copyright-controlled activity that was under discussion was "communicating a copyright work to the public". The court decided that hyperlinking was communicating the work to the public, but ruled that it was still permitted by way of exception, because the work has already been communicated to the same public. According to Genna, this still brings hyperlinking within the sphere of copyright law, which is dangerous for the future. It would have been much better if the court had decided that linking is not "communicating the work", but just pointing to somewhere else where the work is communicated; this would have left much less scope for more restrictive rulings in other hyperlinking cases.