An Italian court says: She's free to go home.
On the livestream she appeared extremely nervous, cried quietly as the moment of the verdict approached, and then seemed to collapse into tears upon hearing that she and Raffaele Sollecito had been acquitted. Italian police officers almost carried her, hands under armpits, out of the court.
If you're looking for a primer on how Knox's supporters saw the case and the charges against her, the piece Madison Paxton wrote for The Stranger in 2009 is a good place to start:
Her story has gained worldwide attention over the last two years. It is long, complicated, and heartbreaking. It leaves one innocent person—Meredith Kercher—brutally murdered, multiple families devastated, and now two innocent people convicted of the crime.
It seems the Italian court agreed. The court also upheld Knox's conviction for defamation for accusing her former boss, Patrick Lumumba, of being the murderer. It sentenced her to three years for that crime, but credited her for the three years she's already served. She'll also have to pay Lumumba's legal fees and some court costs related to the defamation case—if I understood the livestream right, that will be somewhere around $20,000.
But the bottom line is: The court said Knox was wrongly convicted of murder, and that she's now free to return home.