Still, some insiders are wondering if unbundling is really good for Wall Street.

"The SEC is attempting to make this a more healthy marketplace, and they believe they are being amenable to third-party providers," Easthope says. "But this ruling is still just amenable to order flow."

Smaller research shops will suffer, says Easthope.

In fact two firms, Thomas Weisel (TWPG - news - Cramer's Take) and Cowen, recently said unbundling practices were a significant risk to their business. Other insiders are also concerned that Lehman's plans to cut research can lead to so-called "selective disclosure," or giving certain high-paying clients information while withholding the information from others.

But while Wall Street's researchers lose sleep over the best way to charge for their services, the SEC remains a bystander.

"It had been a while since anyone heard from the SEC about this topic, so it's good to get something," says Easthope. "But the 5-0 ruling also proves that it's not very controversial."