I have a bad feeling about any kind of regulation.
this administration can read anything in any regulation.
look at how they interpet the constitution.
In this case it really was needed. There was a mutual understanding for decades that the internet was to function in a neutral fashion as designed. No rules were every made about it because up until now the companies were behaving and not causing trouble. This legislation was crafted SPECIFICALLY because some companies were already starting to try underhanded things.
The thing that really kicked this off as an AT&T executive making a bash at Google. AT&T sells connectivity - connectivity that their customers pay for. Google provides a service - they pay for their own ISP as well, and users around the world can access Google's servers.
Jist of it was that the AT&T exec complained that Google' was getting rich from "cheap servers" while AT&T provided the bandwidth. They wanted extortion money from Google. Now, what you had in that situation was Google paying it's ISP, and the user's paying THEIR ISP, but one of the ISP's want to charge both parties.
To put this into perspective, this would be like if you were doing a lot of business with a company, and your phone company noticed that, and then threatened to block their number unless that company decided to skim a little off the top for them.
After that it was like an evil seed had been planted in the minds of many of the big ISP's. It was an incredibly scummy way to do business, but what do they care? Most people can't switch ISP's even if they wanted to, because in many places there is only 1 ISP. The age old adage of "the market will fix it" just doesn't hold because in most places THERE IS NO MARKET. There's just a single provider who you either pay or go without service.
Trust me, there's a lot of really, really bad legislation regarding the internet right now. Just look for the "internet kill switch" proposal or ACTA. Those are both bad and should be opposed. Net Neutrality on the other hand, is something that has become absolutely necessary to keep the open medium internet from devolving into a model more like cable where you pay for "channels".