Digesting the opinion, some of it is quite favorable to Speechnow.org’s cause (see discussion starting at p. 24 of the opinion). The court strikes contribution limits on independent expenditures for what appears to be precisely the reasons Speechnow.org has argued. North Carolina (in the Fourth Circuit, of course), is having an important primary soon and American Leadership Project and individual donors have had a complaint filed against them by the Obama campaign, which in part alleges violations of contribution limits. North Carolina Right to Life v. Leake strikes as unconstitutional similar limits appearing in North Carolina’s law.
UPDATE: Rick Hasen has already pointed some of this out.