The Court will either set the case aside and rule that it cannot decide a tax issue until the tax imposed on non-payers is actually paid (and this does not happen in 2012!) or the Court will simply rule on the individual mandate part of the law (can Congress require you to buy anything?).
Most observers expect the Court to rule on that issue alone, and leave the rest of the law intact (the Court may also rule on the Medicaid expanasion component). And most think the Court will strike down the mandate by a vote of 5-4 (I have predicted the Court will uphold it by a vote of 6-3, with Chief Justice John Roberts writing the majority opinion).
But the Court could also strike down the whole law, including parts that even a majority of Republicans agree with (like not being able to denied insurance due to having a pre-existing condition or being charged more because you are sick).
So today is an important day. Check back later to see how the media are covering the decision. The talking heads on the news this morning are already talking about how this case will "change the Presidential race" (like that is what matters here). Stay tuned for more ...
UPDATE: Supreme Court upholds the mandate 5-4!
But as I watched CNN and Fox News., each said the individual mandate was struck down! Then on MSNBC they were saying nothing, so I waited. Eventually they said it was upheld and a victory for Obama.
So I turned back to Fox and CNN and they had to correct themselves live!
Here is one example from CNN when they got it wrong:
And here is what Fox News had on their web site prior to the ruling and even a bit after (so much for Fair and Balanced, right?):