Proposition 8 has been effectively struck down, the court having ruled that the Ninth Circuit court did not have standing to consider the appeal because the parties who brought the appeal had no standing. This ruling only effects California and does not effect any other state. It is the most narrow possible ruling, and it means that there may be more litigation on the way, but likely marriage equality will stand in California.
It is, as my husband pointed out, a decision that "kicks the can down the road." However, it's better than nothing.
All told, I think that we can be happy about today's rulings. After yesterday's ruling on the Voting Rights Act, it's a hell of a lot better than I had hoped for.