The situation is so complex it's hard to know exactly what's going on with the SCO-Linux thing (it's more than just a lawsuit against IBM, it's an entire offensive to undermine Linux).
But here's a few links with some helpful analysis:
- Penguin on Thin Ice? Why IBM Should Win in the Fight to Save Linux, by Anupam Chander on Findlaw. Of the two links, this is a bit more readable and takes more of a high-level analysis. I recommend it in particular because it does help clarify and contextualize the issues, and as a lawyer Chander can speak authoritatively on the IP issues.
- FSF Statement on SCO v. IBM by Eben Moglen, counsel to the Free Software Foundation. This is more dense and consequently a little less readable, but it's an important voice in the discussion. The FSF, as I understand it, is the organization that handles the licensing and possibly also much of the project management for open source endeavors including Linux (or, as Moglen points out, GNU/Linux. One of the things this statement attempts to do is clarify the correct nomenclature with regards to what Linux actually is, which SCO is trying to muddle along with everything else). Also, Moglen himself is an expert in IP and as such his analysis carries more credibility than the many laymen who have weighed in (including me.)