First if the court rules Corporations do not have religious liberty under the first amendment, do they have the other rights under the same amendment? How can one argue that free speech is protected but religion is not? (note, at least Obama is consistent with its position on Citizens Untied)
If corporation are found to be less than 100% persons, then corporation become an agent of the state. As more freedoms are removed from companies, they then become property of the the state (slaves).
This mean that the government can order companies to execute public policy, which in essense is what ObamaCare is- disguising insurance premiums for large mandatory taxes to pay subsidize the poor, the elderly and procedures/services that special interest successfully lobby congress for.