Here's a decent explanation of "net neutrality", along with who wins and loses under the various scenarios.
What is net neutrality anyway?
It is the common name for creating and preserving what the FCC calls the "open Internet".
The FCC is trying to write rules that enforce six principles it says ISPs must uphold to preserve what the commission calls the "open Internet." These rules would tell ISPs to:
* allow sending and receiving all lawful content.
* allow all lawful applications and services.
* allow all lawful devices that don't harm the network.
* allow access to all network, application, service and content providers.
* ensure there is no discrimination against particular lawful content, applications, services and devices.
* reveal practices necessary network management that might limit the other five principles.