Assuming that the European ruling is endorsed by UK courts, it means that you don't have to use SKY in UK to access particular programmes.
You could get a European system and watch the matches on that (no I don't know how it works technically, but apparently the channels which show UK footie upon eg Greece are much cheaper than SKY sports). The commentary and pre/post match discussion wouldn't necessarily be in English.
In terms of broadcasting in eg pubs, there may yet be some copyright issues, but they don't apply in the home.
What it means for the future selling of rights by Premier League across Europe is unclear. I suppose it depends on the detail of the UK courts decisions, and how many people start watching footie on non-UK channels. SKY shares dipped a bit after the ruling, but rallied - probably as it'll take a while before there's any impact on profitability. In the long run, it could mean a loss of income for the Premier League too.
And it's always nice to see the underdog win...