Wanted to add a little bit more to my previous comment since I've been thinking about this for a while. The story I heard about broadcast was that they pursued this sort of peering arrangement with smaller ISPs so they didn't have to pay for transit -- basically to reduce their bandwidth bill. It was really a brilliant move on their part. Since then lots of other large bandwidth consumers have done the same.

I'm not against net neutrality but I do think the issue is more complicated than people make it out to be. Once you understand that this is common practice the position of Comcast, et al. does make more sense. If Netflix is saving a shit-ton of money and providing a better service to their customers by peering, and Comcast has less upside, why shouldn't Comcast charge Netflix for the privilege?