"Did oral arguments take place or was this an announcement of how arguments will be allotted time?"

This was more of a chat session, the Judge allowing any and all present to somewhat informally talk of their concerns for, or request clarifictions of, the latest marked up ("red lined") version of "the Plan". The end result, as far as the Plan document is concerned, was estimated by the Judge at about only 20 changed or added text lines.
I think the Judge will be satisfied by the end of the year as far as the format and clarity of the Plan goes. That doesn't mean he will confirm it, as the Creditors must first vote on it.

It was interesting that attorneys for both Sony and Apple were present. Can we hope for a bidding war to buy out PTSC (and TPL?) if the Plan is confirmed in mid-Febrauary?