She did not order a stay, and in a 20-page ruling said the NFL had to resume business, players were allowed to return for workouts (clarifying this), and that the NFL had essentially been working as though they had returned to work by holding the draft, and releasing the schedule.
She also added that the game - and its fans - are harmed with the lockout.
Finally, she said that she could not compel (force) teams to make contracts, as its their right to do so at their discretion. So while she opened it up for free agency, its up to the league how they want to proceed. At this point, the league has said it will wait until the appeal is heard before deciding to go ahead with free agency or trading.
The league has also indicated that if the appeal goes against them, they will use the 2010 rules, since they had previously been agreed to. The players are generally in favor of this, but no telling what will happen.
At this point, the players hold the upper hand, and still have the anti-trust card in play which may prove to be their trump (to be clear, NOT the person!) card.
BTW, if you haven't read it, Gregg Easterbrook's Tuesday Morning QB is required reading on how we got here. http://sports.espn.go.com/espn/page2/story?page=easterbrook/110426_tuesday_morning_quarterback&sportCat=nfl