I'm late to this, but I agree with Adam Levitin about what the AIG ruling will mean for future bailouts. I said something tamer, but similarly legal-realist, in footnote 1 here.
One thing that I have noticed is that, compared to smart non-lawyers, lawyers tend to believe much less in the power of law. This is because lawyers learn, and internalize, legal realism. You can't understand bailouts, or anything, without reading the first chapter of The Bramble Bush.