It almost got lost in all the buzz over Obamacare, but the Supreme Court today also released its opinion in the Stolen Valor Act, a 6-3 voted to repeal:
Though few might find respondent’s statements anything but contemptible, his right to make those statements is protected by the Constitution’s guarantee of freedom of speech and expression. The Stolen Valor Act infringes upon speech protected by the First Amendment,” Kennedy said.
I think that's right, and the ruling is in line with a lot of other recent ones sending a strong signal of support for free speech. If the First Amendment doesn't protect contemptible speech, what's it good for? And making lying a crime is very risky business.