I dunno. I thought we were really close to nudity on the air back in the '70s, but now the trend is the other direction.
The distinction between the regulation of over-the-air content and content via other transmission is pretty stark, and the decision this thread discusses only made it more stark, if anything.
The difference in regulation is stark, but the differences to people's lives is becoming less significant. Which makes the difference in regulation harder to justify in my opinion.
Thirty years ago, parents who wanted their kids shielded from "indecent" material had a pretty easy time of it, relatively speaking. Practically all television was broadcast, and the internet was barely a gleam in Al Gore's eye.* The FCC's indecency rules were, at least in theory, the difference between kids being able to access indecent material easily and not.
Today, radio is dying, and most** homes have internet access and/or at least some cable channels. Parents who want to shield their kids from indecency can't really rely on the FCC, because while the FCC can punish CBS for showing Janet Jackson's breast, it can't and doesn't do squat about HBO showing Anna Paquin's (or Emilia Clarke's, or....), and it can't do anything about the multitude of internet sites offering such material.
Even if Red Lion and the FCC indecency regs were overturned, my guess is that CBS, NBC, etc. would continue to abide by mostly the same standards, because they want the reputation of being a "family-friendly" or "safe" station. Just as the Disney Channel does -- it's on cable and thus is not subject to those regs today.
Basically, the whole "broadcast is inherently different" argument is becoming untenable. A lot of "broadcast" stations aren't even actually received by "broadcast" any more by a lot of people: we get those "broadcast" stations via our cable provider. There are so many communications media available today that the claim that the government needs to parcel out the "scarce" broadcast spectrum in a way that ensures certain content will or won't be provided is pretty dubious.
*I'm joking. I know that the net has been around in one form or another for a long time, and that Gore didn't actually claim to invent the thing.
**too lazy to check the data, so it might not be a majority of the population yet, but it's certainly a majority of the type of middle-class homes who write angry letters to the FCC.