Ed Morrissey

The decision actually side-steps one immunity question, which is whether a sitting president can be criminally prosecuted. The court didn't need to answer that question -- so they didn't. But they did say that former presidents can be tried for alleged crimes that took place while in office:

For the purpose of this criminal case, former President Trump has become citizen Trump, with all of the defenses of any other criminal defendant. But any executive immunity that may have protected him while he served as President no longer protects him against this prosecution.

This will either go en banc next or directly to the Supreme Court. I'd guess that Trump's team will go the latter route, unless they really want to stall for time, since the en banc court is unlikely to conclude differently. Of course, a stall does play in favor of Trump's campaign ...