Having just returned home from work and having just skimmed the opinion, I have to say that the Judges ruled about what I thought they would.
This case was a long shot, from when Alan Gura took it over, and I think everyone really felt that way (if we are to be honest) when it first surfaced. Nor do I think this is the case that we would want to pursue any further. Take the loss, and let one of the other cases be our circuit-split case.
What the panel actually hung their hats on, was the alleged lying on the application. You lie, you lose.
I still don't think Peterson will do more than get remanded (sorry Gray, but that's just the way I see it). Should Gray actually get a good opinion here, I don't think CO will appeal it.
Now, consider that if Moore/Shepard and/or Woollard go the way we would like (and think), then the State (either IL and/or MD) is likely to appeal (it's more in their nature than that of CO) and that sort of appeal would be more likely to get a grant of cert.