The ABC News is reporting that the High Court has ruled that the devices used by Sony to stop copied games
being played on its Play Station did not meet the legislative definition of "technological
protection measures" under the Copyright Act and therefore Stephens’ modifications were not illegal.
No reasons for judgment are available on Austlii yet.
In the meantime Kimberlee Weatherall’s Sydney Law Review article is a good analysis of the arguments to date.
UPDATE: 7 October: Here is the High Court’s judgment in
Stevens v Kabushiki Kaisha Sony Computer Entertainment  HCA 58 and Kimberlee Weatherall’s analysis.