However, the court essentially boxed itself into weighing in only one the meaning of factor one, so it tries to reach the decision by half-importing factor four (the degree to which it substitutes the original) into factor one analysis. Furthermore, it ties itself into a knot to argue why Andy Warhol's use in the original prints was transformative and overall fair use, but the use in the newspaper article wasn't transformative.
The dissent manages to be even worse by, as you point out, essentially arguing that everything Andy Warhol does deserves to be fair use because it's Andy Warhol. Oh, and taking as many potshots at the majority opinion as is possible. As bad as the majority opinion was, the dissent is even worse.