Looks like this Net Neutrality debate will be raging on for some time to come. Today, the Senate is beginning its third day of hearings on draft telecom legislation after the House passed a bill last week that largely ignored the Net Neutrality supporters' concerns. Most supporters of the "Net Neutrality" concept want to ensure that network providers do not create (or enable) Internet content monopolies. However, there are a host of other issues that must be considered before such a "concept" could be (or should be?) drafted into law. The Wikipedia page on Net Neutrality does a nice job of summarizing the diversity of issues.
Also, here are a couple of opposing views on the topic:
Editorial Against Net Neutrality versus 
What seems clear to me is that the reason the World Wide Web exists today is because of net neutrality. If cable companies had the power they're hoping to gain through a non-net neutral Internet, could companies like Google or Yahoo have launched? Imagine cable companies clamping down on spidering software, preventing the Web from being indexed?