What this means is that the FCC has the authority to issue fines. The court did not address First Amendment issues in profanity, and kicked it back to the Federal Appeals Court.
As a parent, I kind of like that there can be stricter codes regarding language during family viewing hours. But that part of me pales behind the writer, speaker and thinker who does not want my content regulated based on someone else's moral code.
Before we get ourselves in a knot, this really isn't about First Amendment rights...yet. It's about regulatory power. But the Appeals Court will be hearing these cases, and then it'll be all about who gets to say what, and when.