The preliminary summary from the San Francisco Chronicle seems to suggest that the redevelopment agencies are gone. I don’t think that is quite so – as noted above, the legislature can still work out something: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/12/29/BA6R1MI73D.DTL
The LA Times version is similar to the Chronicle’s: http://latimesblogs.latimes.com/lanow/2011/12/california-supreme-court-redevelopment-agency-ruling.html
The LA Business Journal’s account refers to possible legislative action to save redevelopment agencies: http://labusinessjournal.com/news/2011/dec/29/court-upholds-brown-plan-dissolve-redevelopment-ag/
Maybe the lesson for all concerned in this case is sometimes its better to leave things alone:
[youtube=http://www.youtube.com/watch?v=FWPx-fw0mI8&w=320&h=195]