The Jewish Telegraphic Agency has a good overview of the Supreme Court hearings on the Pledge, and the responses of various Jewish groups.
I feel what Marc Stern of the American Jewish Congress says makes a lot of sense. If the Supreme Court were to remove the words from the pledge, there is absolutely no question what would happen next. It would be the quickest passage of a Constitutional Ammendment this nation has ever seen. And the language of the ammendment could well contain stuff that would be much more damaging than those two words in the pledge. So, while one might prefer the pledge not to have those two words, and while one might rationally conclude that it is a violation of the first ammendment, it’s better we do not go down this path.