The arguments are over, and some sites have started to detail how things played out in the court. While early indications are that the justices (who heavily questioned California Attorney General Zackery Morazzini about the vagueness of the law, and if it overreaches on protecting children from violent things) seem skeptical of the State's arguments, there is no real way of knowing which way the court will rule.
If you look at the Crush video ruling earlier this year, you might be inclined to believe that the court will rule on the side of free speech - even when that speech is considered by most to be morally questionable. On the other hand, the court does not have a good record of accomplishment when it comes to the rights of those under the age of 18 - just ask Mr. "Bong Hits for Jesus."
Yeah, different kinds of cases for sure, but we are talking about a law that, if allowed to go forward, would affect an entire industry for years to come. The court has plenty of time to make up an informed decision too, so consider this the beginning.
We'll have more details on what went on inside the court room when our man on the inside checks in later today. Kotaku has a nice write-up of it here.