BNA offers an article by Ned Foley and Donald Tobin on 527s (available here to those with a subscription). Here is the summary:

Editor’s note: The following article authored by Ohio State University law professors Edward B. Foley and Donald Tobin explores whether so-called Section 527 political organizations (or Section 501(c)(4) organizations) can be used as an avenue for unlimited contributions to influence federal elections in light of the Supreme Court’s recent decision in McConnell v. FEC. In that ruling, the court upheld the constitutionality of the Bipartisan Campaign Reform Act, known as the McCain-Feingold law. Foley and Tobin conclude that, though the high court has yet to address directly the issue of limits on contributions to political committees that do not coordinate their activities with candidates, use of tax-exempt organizations to avoid contribution limits “is not an easy end-run around
McCain-Feingold.”