SCOTUSblog has posted their initial impressions from the oral argument. They conclude that Exxon may lose on the argument that no punitive damages can be awarded in maritime cases but might win that the award is too high.
We will post our analysis of the oral argument once we have had time to digest the transcript of the argument.
UPDATE (by Curt Cutting on 2/27/08 at 10:51 AM): Here is a link to the AP story on the oral argument. The Supreme Court has not yet released the transcript.
UPDATE (at 11:27 AM): More links:
Further UPDATE (at 4:55 PM):