Not a particularly big deal:
1. US Court of Appeals in DC is already handling the case on a expedited basis ... and they have shown that they can act swiftly and move things along.
2. I'd much rather Chief Justice Roberts write an opinion based off an opinion Judge Florence Pan wrote than something Trumps lawyers wrote ...
We have to give credit where credit is due. Trump seeks delays in all of his trials and he clearly got one here. This SCOTUS decision to not expedite the immunity question is something Trump argued for and won. Trump got the delay he wanted.
Remarkably, and as a side note, this is a rare win for Trump at SCOTUS. As far as I know, of the non-policy questions SCOTUS has answered involving Trump, this is the only time SCOTUS made a decision in Trump's favor. It was not much of a decision, a single sentence that said Smith's request is denied, but it was the decision Trump wanted.
How long will the delay be? Will it be long (many months) or short (a few weeks)? To answer that question, all eyes turn the the DC appeals court which has already expedited the case. Chutkan previously ruled that Trump is not immune from prosecution. Trump appealed and the appeals court moved with lightening speed by court standards to hear this appeal.
Oral arguments are already scheduled for Jan. 9. If it wanted to, the appeals court could rule within days after Jan. 9, and that is reasonable to expect. Why is that reasonable? Because we already know the appeals court is in a hurry. They have already imposed an expedited schedule on the parties.
On the immunity question itself, Trump's arguments are weak, weak, weak. He lost his argument in Chutkan's court and he will lose it on appeal. The question is not so much, how will the appeals court rule? It is widely expected they will uphold Chutkan's ruling.
The question is -- and this is a big question -- will they uphold Chutkan's ruling AND lift the stay that currently keeps Chutkan from proceeding with the trial in her courtroom? If lift the stay, that allows Chutkan to immediately proceed with the trial in her courtroom, currently scheduled to begin March 4. The trial would proceed even as Trump appeals to SCOTUS and waits for those justices to decide how they want to respond.
In that event, Trump would likely do what Jack Smith did; ask SCOTUS take up and fast-track the immunity question. (Ha!)
It is not guaranteed SCOTUS would hear Trump's appeal. It is possible they will deny Trump's appeal request, thereby letting the lower court rulings stand ... that is, no man is above the law and in this case in particular, Trump is not immune from criminal prosecution.
Naturally, pro-Trump people are rooting for more delays and a big win from SCOTUS. Others are hoping for speed and a big loss for Trump at trial. The eyes of both sides will soon fixate on the appeals court ruling speed and the decision to lift the stay or leave it in place.
There is one other thing to consider but it is minor. If (likely when) Trump loses before the 3-judge panel at the appeals court, he can request an en banc hearing, in which all judges on the appeals court convene to hear the case. Given the weakness of the case Trump is bringing and the need for speed, it is unlikely the request for en banc would be granted, But even if it was, that too would be quickly dispatched.
In summary, Trump won his desired delay. Now the question of greatest importance to Chutkan's trial schedule is, will the appeals court lift the stay? If the stay is not lifted, and SCOTUS drags its feet, it is possible that the trial will not happen until after the November election.