On the surface, lots of news calling this bad news for Trump that Cannon didn't dismiss the case. Rather, it is
outstanding news for Trump, with Cannon still 110% in his corner and dragging things out indefinitely with Trumpian logic driving all trial timelines and details.
If Cannon had ruled for Trump, Jack Smith would've had a trivial home-run getting this rapidly reversed by the appellate court, and solid basis to ask for Cannon removal. Instead, Cannon drags this out again - refusing to make a final ruling of any sort on the Presidential Records Act, instead strongly implying she plans to let Trump present it as a defense at trial but is carefully avoiding making any appealable ruling on it while she drags her feet on all of the trial details.
I would note the 11th Circuit already specifically ruled, in harshly reversing Cannon previously, that Trump's claim to have declassified the documents and therefore they belong to him as personal documents is a meaningless red herring. Claiming national security documents as "personal" was already ruled a non-starter in over-ruling Cannon once, but she persists in slavishly following this Trump logic despite prior reversal. To wit, even magically assuming Trump declassified the documents (for which exactly zero evidence and zero legal claims have been filed):
11th Circuit: "In any event, at least for these purposes, the declassification argument is a red herring because declassifying an official document would not change its content or render it personal," the three-judge panel wrote. "So even if we assumed that [Trump] did declassify some or all of the documents, that would not explain why he has a personal interest in them."