An Iowa Court ruled that same-sex couple can marry. The ruling was based on equal protection. Before Iowans jump for joy, I must disclose it is a district court decision--meaning appealable. The Court also struck down an Iowa law that decreed a marriage could only be between one man and one woman.
Because I have no connection to Iowa or have much of a sense of the judiciary there, I cannot predict what will happen to the case as it inevitably makes its way through the appeals process. For at least a minute, though, Iowan gay couples get the same civil benefits as straight married couples. The fact that this is accomplished by calling the union a "marriage" is just gravy.
Aside: On the Federal side, I think the only thing the government needs to do is recognize gay couples as equal to straight ones. So far as I can tell, the department that needs to do so most urgently is the Department of the Treasury. Especially once the estate tax comes back. Yes, once again, it all comes down to money for me.
UPDATE: Kip has a much more detailed analysis of the court decision than I will ever do here. First off, the decision is 63 pages long. I'm now a third year law student with a job (read: coasting), so I'm only going to read the decision if I'm paid to.