The most complete coverage of today’s Eldred hearing is at Copyfight, including an in-person account.  With due respect to this viewpoint, it seems that at least two rationales, the first being the harmonization with Europe argument, and the second being the fact that there have been previous copyright term extensions which would implicitly be unconstitutional if this one is, will likely provide the basis for upholding this term extension.  However the arguments Lessig provides now will likely make this the last term extension ever (Lessig and Hilary Rosen will be in their 60’s, Jack Valenti will be in his 100’s, when Congress considers the issue again).

UPDATE: Early reports in the hearing from LawMeme and the NY Times.