IMO, as a fairly staunch NN defender - no it's not. But only so long as the limiting is applied equally to all video providers, including Verizon's own.
Traffic shaping (QoS) according to protocol is nothing new, and it can actually generally improve responsiveness for everyone given a congested network. If my VOIP packets have exactly the same priority as your Netflix - I'll be the one to suffer for it. On the other hand, if my VOIP has higher priority than your video, I'll get a good VOIP session, and thanks to buffering, you will still probably get the same quality video.
The overall drop in bandwidth being offered sucks, but it also seems a bit more honest than their previous "unlimited" offerings.
Again, this is only the case in my eyes so long as Verizon doesn't start offering a fast lane for certain providers. If (probably more "when" than "if") they start doing this, then I'll gather up my torch and pitchfork and join in the fun.