The Court rejected Aereo's arguments that its antenna mechanism turned public performances, regulated by copyright law, into private instances.
More details on the road ahead are forthcoming. I think that in some markets, an Aereo-type service can make sense even if the Aereo-like company has to pay licensing, if it can deliver all channels to the consumer without a physical hookup. In that sense, it becomes like satellite service, but the little antenna sounds a lot easier to deal with than a dish. It's desirable for consumers to be able to get as many cable channels as possible (even if not HD) without a physical land connection, to get service after storms or other outages. Maybe consumers would pay for this, even if licensing were passed on to them. Some observers note that most major networks charge for new episodes online (or require cable signon) but offer older episodes free; Hulu tries to offer new episodes, however.