Well for those who are not familiar with it, I think wiki actually has a pretty solid and unbiased write-up of it.
http://en.wikipedia.org/wiki/Network_neutrality
In a nutshell, the big telcom companies want to create a 2-tier internet. Basically faster connections for the sites that pay money and slower for those that don't. It opens up a ton of abuse from censorship, conflicts of interest, and unfair competition.
The scariest part of the whole bill is the morons who are in charge of regulating the net and putting the bills together. Here is a phenomenal Daily Show clip tearing this guy apart.
https://youtube.com/watch?v=QhOtl...=ted%20stevens