http://en.wikipedia.org/wiki/Net_Neutrality
Net neutrality is a good idea, in a way. But I have some serious doubts about ANY attempts to legislate it. A law which is promoted as having the best of intents will, eventually, come to favour those with the most lawyers.
The net should remain neutral, and free, and not be shaped to, or legislated to one countries ideals.
If Net neutrality is truly the goal, then prevent the establishment of monopolies by ISP's in any given region. Restrict the number of IP addresses a single entity can control, I don't know what. But ensure that it remains relatively easy for someone to set up as a ISP without going through the larger corporations. I'll give my business to the one that doesn't try to protect me from myself, which I find a little insulting.
Even the basic principle has flaws:
Network neutrality (equivalently "net neutrality", "internet neutrality" or "NN") is a term that was coined around 2003 that refers to a principle of network design and denotes networks that allow all equipment, users and providers on a network to communicate with each other with reasonable throughput and traffic quality.
Anything that tries to regulate this is going to have to be very careful in its wording, and be left open to future technology changes.
Consider that the basic premie there means that the e-mail you sent your Mom and the 10000000 pieces of Spam your neighbours zombie system have to, by law, be given the same priorty by your ISP.
I'm sure some stipulations would go in there to avoid such obvious problems, but internet technology changes at a very fast rate, and given a legal loophole to work with it would only be a matter of time before it was exploited by someone.