The big providers (ATT, Verizon, probably Qwest) don't like this. They argue that they should be able to provide "premium" web service to their content at the expense of their competitors. I think this is an awful idea and would do nothing to bring the US up to speed in world where we are falling far behind - something that really bugs me. The US down to 15th and get an average of 1.9 Megabits pr Second average. Japan and Korea get 60+ average. Given they are lots smaller and more dense but good luck finding a single 60 Megabit connection anywhere in the US.
Anyway, Net Neutrality can be a funny idea, but I found this photo that some one made showing the dystopia of an unregulated internet.
I think they just cut and paste a cable TV ad, but thats the idea. Say goodbye to the internet as we know it.
Of course, John Stewert describes it better than anyone. Here is a classic clip: