You can find the appellant’s brief here. From a press release I received via email:

RTAO is an issue-advocacy 527 corporation formed to tell the American people the real truth about Senator Obama’s public policy positions. Its first project is about Obama’s radical pro-abortion views and voting record. RTAO does not expressly advocate the election or defeat of any candidate, but rather only does issue advocacy. The Supreme Court has stated that issue advocacy is constitutionally protected as it “conveys information and educates. An issue ad’s impact on an election, if it exists at all, will come only after the voters hear the information and choose–uninvited by the ad–to factor it into their voting decisions.” Wisconsin Right to Life, Inc. v. Federal Election Commission (“WRTL II”). Nonetheless, RTAO feared that if it would broadcast its issue ads on Obama’s position on abortion, it would be punished by the FEC and DOJ for violating campaign finance laws.
RTAO filed suit on July 30 challenging FEC regulations that unconstitutionally restrict RTAO’s ability to engage in issue advocacy. After the 2004 election, the FEC adopted an enforcement policy where it would deem 527 groups to be federal political action committees if they praised or criticized federal candidates on issues. Several groups, including the Swift Boat Veterans for Truth, were severely fined. RTAO alleged in its suit that the FEC’s complex scheme on PAC status violated numerous Supreme Court decisions

My earlier coverage of the district court’s denial of a preliminary injunction in this case is here.