You can read the entire 205-page ruling at CNN, and on a breaking note, the New York Times explains the overriding reason (religious discrimination) why this ban shall not be reinstated:

The federal appeals court in Richmond, Va., on Thursday refused to reinstate President Trump’s revised travel ban, saying it discriminated on the basis of religion. A Virginia-based federal appeals court on Thursday rejected President Donald Trump’s request to reinstate his revised executive order on immigration, saying the president likely acted with improper motives when seeking to temporarily bar U.S. entry for travelers from six Muslim-majority countries

.The executive order “speaks with vague words of national security, but in context drips with religious intolerance, animus and discrimination,” Chief Judge Roger Gregory wrote in an opinion for the Fourth U.S. Gregory cited statements by Trump during the 2016 presidential election calling for a “Muslim ban.” The judge wrote that a reasonable observer would likely conclude the order’s “primary purpose is to exclude persons from the United States on the basis of their religious beliefs.”

The government had argued that the court should not take into account Trump’s comments on the campaign trail since they occurred before he took office on Jan. 20. The Virginia-based appeals court was reviewing a March ruling by Maryland-based federal judge Theodore Chuang that blocked part of Trump’s March 6 executive order barring people from Iran, Libya, Somalia, Sudan, Syria and Yemen for 90 days while the government put in place stricter visa screening. A similar ruling against Trump's policy from a Hawaii-based federal judge is still in place and the 9th Circuit U.S. Court of Appeals court is reviewing that decision. Despite the softening, a Maryland federal court also joined in blocking Trump’s revised ban, and now, the Fourth Circuit Court of appeals has upheld that court’s nationwide injunction.
The United States Court of Appeals for the Fourth Circuit refuses to reinstate Executive Order 13780 on the basis of religious discrimination, upholding the District Court for Maryland's March 7 ruling.