Here is a very brief synopsis of the suit from the publishers' point of view:
http://www.publishers.org/issues/1/19/
The higher Ed trade press weighs in here:
http://chronicle.com/article/Out-of-Fear-Institutions-Lock/127701/
http://www.insidehighereducation.com/news/2011/05/23/university_presses_and_academic_publishers_keeping_pressing_georgia_state_on_copyright_issues
Kevin Smith, a blogger at Duke, is afraid of the situation and refers to it as a nightmare scenario:
http://blogs.library.duke.edu/scholcomm/2011/05/13/a-nightmare-scenario-for-higher-education/