What some have said:
 
Update: Parade magazine has implied that this case is about CLS recieving "taxpayer funds."  On page 8 of the February 28, 2010 magazine, the following poll question accompanied the article:
 
"Should campus religious groups that exclude non-belivers get taxpayer funds?"

(A  more accurate question would be:  "Should students groups whose leaders are required to share the group's beliefs have equal access to student fees?" See below.)

"Yesterday it was reported that the Supreme Court has agreed to hear a case between the Christian Law Society and UC Hastings College of Law. The fight is over $250.00 withheld from the CLS because their membership is restricted to those who do not practice or advocate for alternative sexual lifestyles."  Emma Ruby-Sachs, Supreme Court Case Might Force Schools to Fund Homophobes, 365Gay Agenda Blog, December 8, 2009, 2:36 PM, 365Gay.com.
 
“If you want public money, then you have to play by the Constitution and/or state law."   WSJ LawBlog Comments by "Cleveland Boy."
 
“Groups that wish to engage in discrimination should not expect public subsidies,” said the Rev. Barry W. Lynn . . . .  Adam Liptak, Rights and Religion Class in Court, New York Times, December 7, 2009.
 
The real issue:

Taxpayer funds have nothing to do with the case.  This is a a major error in fact.  The only funds (they are not "public funds" as one of the other sources erroneously claimed) at issue are student activity fees and their equal distribution to student groups.  What's happening right now is that CLS students are being forced to fund, through student fees, groups that conflict with their beliefs, but the school has set up a system that withholds those funds from Christian groups if they refuse to abandon the very reason for which they exist!  Of course, the Supreme Court in Rosenberger v. University of Virginia, 515 U.S. 819 (1995), held that public universities could not engage in viewpoint discrimination against religious student groups in distributing student activity fee funds, which is exactly what is happening here.

The case is about recognition by the university, which brings with it the ability to participate fully in the community life of the school and full access to the services and tools used by other recognized student organizations.