If your hardware is recent enough to be covered under warranty, you should also get a year-long extension of that coverage. Just be sure to have records of your contact with Sony's support -- owning a broken phone isn't enough to qualify by itself.

The settlement isn't exactly timely. If you bought one of the older phones, you've probably replaced it. If the settlement terms are locked down, though, it's still important. How many class action settlements have you seen where there's a tiny payout at best? Here, Sony could pay hundreds of dollars per person. It won't make up for the time spent getting your phone fixed, but it could soften the blow.