The US wants to apply the Stored Communications Act outside of it’s territory (In casu to Ireland).Devil's-advocate point of view: if SCOTUS decides in Microsoft's favor, won't that give them carte blance to play "keep away" with any data sought by law enforcement? Any potentially-sensitive data would presumably be stored outside the US's borders in that case, in a country with laws sympathetic to the company's interests. I just don't see a good argument to be made for allowing a company chartered under US law to behave this way.
IMO, if Microsoft has the ability to access the data, then they have the responsibility to turn it over in response to a legitimate court order. The fact that they chose to store the data on a server in Ireland, a server in Washington, or a server in orbit around Mars seems immaterial. If it's under their control, it's under their control.