The other part that virtually no one talks about is how this would be regulated. Are we going to have "internet inspectors" from the FCC doing periodic surprise checks of every ISP? Will ISPs be required to have a neutrality license with full historical audit logs?

This reminds me of when the TSA took over airport screening after 9/11, over the belief that only a government agency could screen passengers securely. The net effect was longer lines, more expensive travel, less rights for flyers (ie either you get a body scan or a pat-down, and no more liquids on flights), and in general less happy travelers.