As an European I probably should be glad about this, since this combined with all the NSA spying issues and implementing backdoors into US products [1], should increasingly force innovation out of US and bring it to Europe, but somehow I'm not.

All the ISPs will slow down all the major companies services, unless they pay up. There is no "faster" Internet. It's just "paying to get normal Internet back", like they've already done with Netflix:

http://knowmore.washingtonpost.com/2014/04/25/this-hilarious...

[1] - http://arstechnica.com/tech-policy/2014/05/photos-of-an-nsa-...