Megan MeArdle has posted an analysis of the court's decision over at her blog, Asymmetrical Information. Well worth a read. The Court of Appeals for the DC Circuit handles the lion's share of appellate work dealing with federal administrative agencies (which makes sense since the court is located in Washington, DC), so it is no surprise that the HHS mandate ended up in front of that court. In addition, as one of the circuit courts of appeal, the DC circuit appellate court is just below the US Supreme Court in terms of importance. So, this ruling carries a good deal of weight. If interested, the actual text of the court's opinion may be found here, courtesy of SCOTUSblog.
It remains to be seen whether the Obama administration will decide to fight all the way to the Supreme Court on the issue of forcing religious institutions to provide contraception & abortifacient coverage in their employee insurance plans.