US government makes it legal to reverse engineer code

Not surprising a company producing obfuscation tools would use this for advertising. My question is, does this reduce the risk of getting sued for creating IP after looking at previously existing IP via reverse engineering or other methods?

I wonder about the interplay of this with the DMCA. I suspect that the statement that it's "legal to reverse-engineer code" may still have significant caveats...

Then again (thankfully ;-), IANAL.

And yet thanks to Oracle v Google it may become impossible to use information gained from reverse engineering to create a compatible replacement without violating copyright.

One step forward, two steps back...