The ruling certainly seems to state that it's legal. Not only is it legal to tape them flashing their breasts, it's apparently legal to knowingly seek out underage girls to get them to flash their breasts for pornography (because that's what the GGW film crew was accused of doing). This is insane.
Actually, this article doesn't go into all the details about the charges and the case. Legally, its not pornography under Florida law. The big deal was that a few girls were underage. However, they produced fake ID's and presented themselves as "of age". Now, unless a girl testifies in court she was explicitly told to lie about her age, then they have no case, legally. PERSONALLY, I think you could argue that GGW didn't take the best precautions to ensure the girls were of age, but apparently the court didn't see it that way. Personally, again, I doubt the producer cared if they were 16 or 22, but I can't prove that.
In addition, there are more charges concerning public nudity and enciting public nudity. The penalies aren't very stiff, though.