On January 15, the Supreme Court issued a 7-2 decision in Eldred et al. v. Ashcroft, Attorney General, upholding the Sonny Bono Copyright Term Extension Act, and extending by 20 years existing copyrights and future copyrights.
The transcript of the oral arguments from October 9, 2002 is here.
See Wired's article on the decision here, and the Washington Post article here. Needless to say, there are many blog postings on this decision, so start with one of the most comprehensive, here at Copyfight.