I'd be very surprised. Here's my comment from yesterday:
This is nothing more than a publicity stunt, and in that respect it worked.
But there's no way that the California Supreme Court (which is still stacked with Republicans) is going to reverse Schwarzenegger on the Car Tax. People were really, really pissed off about the tripling of their license fees. Even the Democrats were looking for a way to undo the tripling, except that their way was to find a replacement tax or to make the tax progressive (i.e., keep it high for luxury cars but reduce it for cheap cars).
The voters of California just recalled a Governor. The California Supreme Court Justices know full well that if they reinstate the Car Tax, they just might find themselves next on the recall firing line. At the very least they could kiss their re-election chances goodbye (it's happened before).