Correct, but an inferior federal court has ruled on MPAA v. 2600, confirming that the code necessary to exercise those fair use rights can be made illegal. Eric Corely (a.k.a., Emmanuel Goldstein) didn't appeal up because of strategic reasons. Being a known hacker, he wasn't a very good poster boy for the case, so a bad precedent could have been set at SCOTUS not on the law but because of who the defendant is.
Let me guess the 9th Curcuit...
Anyway, after that bill Bush signed into law a year or so ago on tort reform, federal lawsuits have to be taken to the courts local to the defendant, meaning the MPAA/RIAA is unlikely to get a judge that they have bought and bribed.