The Virginia Supreme Court upheld the conviction of a notorious spammer under Virginia's anti-spam law. A divided court said that spam isn't protected speech under the First Amendment. Associated Press.
Personally, I wouldn't bet on this being the definitive word. The Supreme Court may not weigh in on this particular case, but it will likely have to rule on the issue some time in the near future. I lean toward the argument that spam is often fraudulent and causes economic harm, and spammers should be boiled in penis-enhancement cream. The debate is an interesting one, though.