I wanted to consult with a professional before I wrote this, and so I did: a close friend who is an ex-Republican and a constitutional lawyer.
In short, she ratified what John Dean said earlier: a court can indeed throw this bill out. She went so far as to say that she believes this bill was indeed unconstitutional itself, that Congress does not have the authority to grant immunity for constitutional violations.
Some more detail beneath the jump...
We only had a few minutes to discuss the case, but it was clear that she wasn't happy with the bill passing today. She is still conservative, but more of the libertarian variety, and we basically agreed that this was Congress' big sellout to its campaign donors.
Legally, though, a federal judge can toss the law out like any other, ruling it unconstitutional, and thereby revoking the immunity set forth in the amendments. The challenge to the law would likely have to come from the lawyers currently litigating the telecom lawsuits, since they are the ones affected by this ruling most directly. If the law is ruled unconstitutional, it would most certainly be appealed, and eventually the Supreme Court would have to rule on it. In the meantime, though, if a ruling would come down in our favor, and as long as an appeals court didn't stay the ruling, the lawsuits could be reinstated against the telecoms.
In short, let's not hang our heads and let this be the end. There are still ways to reverse this setback, and we cannot give up on defending the Constitution.