The U.S. Supreme Court will decide on how the law stands as regards P2P file-sharing software and copyright infringement.

"The U.S. Supreme Court on Friday said it would hear a controversial case on whether file-sharing software companies could be held legally responsible for copyright infringement on their networks."

It's no secret that big record labels and Hollywood studios want companies like Sharman Networks, Morpheus parent StreamCast Networks and Grokster to be held accountable for the illegal trade in copyrighted media that goes on via their software and networks.

"At the core of the case is an interpretation of a 20-year-old decision that made VCRs legal despite their ability to copy TV shows and movies, which ultimately helped pave the way for a host of technologies ranging from CD burners to Apple Computer's iPod."

It could be six months or more before a ruling is made, with the future of P2P very much at stake.