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Follow up:
It would mean that the giants like Google and Bing would be able to prioritize traffic to their own sites and create slower access for the competition. Now, in terms of the USA free market, competition is a good thing. Microsoft got where they are today because they beat Digital Research to the contract with IBM for their personal computer. Google got where they are because altavista and the other competition withered away.
The problem is this. The debate stems from proposals by Google and Verizon that would appear to challenge the net neutrality principle. The FCC have stepped into the debate by issuing a document. Are you seeing a problem yet? It might just be that the FCC is a US government body and therefore has no right to determine rules for the whole internet
It is about time that the US got off its 'world domination of the internet' kick and realised that there are people in other countries that use it too. They might even be democracies. Get the FCC and the FTC off their high horse in trying to control what happens because America does not rule the internet. There may not be a problem with the proposed rules but they should be decided by international agreement and not by dictat from Washington. Just remember that the population of the European Union does exceed so that of the USA. That means that the other side of the pond is bigger. Our side also managed to force Microsoft to allow a choice of web browser in Windows
The article that has more detail about this is at zdnet and includes the FCC document plus a link to the EFF response that is mentioned.