Image this if Supreme Court does invalidate software patent.
A big sticker will be on the US map and shows, “Welcome to take all software inventions you want. All my software inventions are yours. Oh. BTW, yours in your country are still yours!” You see how this affects global competitions in software and finance industries.
However, the current patent system still has room for improvements.
1. Software innovation changes too fast. The patent length should cut to 5 years (excluding the waiting time to get the patent). I have discussed this previously, http://news.ycombinator.com/item?id=2409917
2. Patent non-practicing entities (excluding public research institutions and schools) should be banned to sue anyone. However, even so Patent Trolls still know how to get around this. This just increases difficulty, but definitely won’t stop them.
3. Claim description has many ways to interpret. This is where the money is spent in litigation. If a standard structure and a list of words are allowed to be used in the software claim description, this probably makes easier and faster to find out if a software patent is valid. But I have to admit this is a hard problem to solve.