The verdict on Renault's possession of McLaren intellectual property has been announced - and just I suspected, the FIA has somehow managed to decide that Renault should not be punished.
This is deeply disappointing, but I expected that they would manage to avoid penalizing Renault, since that would almost certainly precipitate Renault's withdrawal from Formula 1.
Here is the short verdict:

An extraordinary meeting of the World Motor Sport Council was held in Monaco on December 6, 2007.
The World Council found Renault F1 to be in breach of article 151c of the International Sporting Code but imposed no penalty.
Detailed reasons for this decision will be issued on December 7, 2007, and a transcript of the proceedings will be published as soon as possible thereafter.

Outcome-wise, this is a repeat of the 1994 hearing where Benetton (later sold to become the Renault team, and also managed by Flavio Briatore) were found guilty of fuel refuelling system modifications, but were not punished.
This verdict convinces me that the FIA governance process has no valid relationship to a consistent, transparent governance system. I have no confidence in their ability to even cross the road without external assistance. I sincerely hope that McLaren and Mercedes sue the FIA in order to get their $100m fine overturned.