Judge/Professor Michael McConnell has posted this draft on SSRN (forthcoming Yale Law Journal).  Here is the abstract:

Citizens United v. FEC is one of the most reviled decisions of the Supreme Court in recent years. The President of the United States denounced it to the Justices’ faces at his 2011 State of the Union address. His 2008 opponent, John McCain, called it “the worst decision ever.” The Democratic Party is pledged to reverse it by constitutional amendment if necessary. Prominent newspapers attribute to it virtually every excess of the campaign finance system, whether or not the practices were authorized by the decision or would have been lawful even without it. It has become shorthand for corporate domination of politics. It has few defenders among legal scholars. I believe it is time for a more balanced evaluation.