The ruling appears to be fairly narrow, but the National Transportation Safety Board is saying the FAA can define a drone as an aircraft - that it can apply regulation that prohibits reckless operation. The current rules define distance from an operator and altitude. I'm guessing it doesn't have any impact on the commercial operation ban. Many lose items that the FAA needs to address in its final rules.
For what its worth there was enormous confusion over the legal operation of airplanes in the US until the Supreme Court found airspace was a public highway in the public domain. It also found a property owner had rights to airspace above their property to a certain altitude. Unmanned aerial vehicles are a test to this as they often operate below current FAA altitude limits in populated areas. Some operators have been claiming UAVs aren't aircraft. There are any number of interesting issues - privacy, noise (a ten pound UAV can be very noisy - think small leaf blower), endangerment and mode of operation (can UAVs be legally autonomous?) It is likely that lawyers will get involved in individual cases and UAV operators will require liability insurance.