The Supreme Court in US ruled on Monday, see details in EFF, and Village Voice.
1) it only affects USA. Canada, e.g., is still a free country for P2P.
2) Betamax is still sacred. Hollywood will have to prove "intent", which can be tricky for some
3) It is widely believed that Bit Torrent will be safe, because it always declares the purest and most innocent intent.
4) some P2P will be proved of 'guilty intent', some will not. the future will be messy and costly for Hollywood. see this, e.g.
5) other legal circumvention will be invented, a few examples:
a) separate the technology supplier from the advertising revenue generator, with a contract paying the technology supplier a revenue proportional to that of the advertiser.
b) one technology supplier for several off-shore advertisers, hence insulating the technology supplier (who also has customers who share only legal contents -- therefore the technology has substantial use which respects copyrights )
6) other technology innovations to mask content and user IP address identifications