I was laid off after H1B was filed. Possibility of H1b approval?

I was laid off on 29/Mar/2013 as the project got over sooner than expected. I filed my H1B and had the client letter and vendor letter to support the employment. What would be the possible implications in this scenario. I was working on CPT and have valid status till December 2013.

You mean the H-1 employer laid you off? If no RFE is issued then H-1 may get approved. But if RFE is issued, then your old employer may not want to invest time/money/resources in responding to it, and it will get denied.

The employer can also withdraw the current pending petition.

If H-1 gets approved and your old employer is ready to give you the approval copy, then another employer can file a cap-exempt petition for you.