Check out this informative blog post written by friend and colleague Jake Negovan. Here's an excerpt:

Net neutrality is the philosophy that all internet content is treated equally by internet service providers.  That philosophy means that if you build a website and I want to visit it, I can get to your website just as easily as I could get to pages created by Matt Drudge, Perez Hilton, or Harry Knowles.  It means that if I want to read about new cars and their safety ratings, I have equal access to General Motors, Consumer Reports, or Ralph Nader.  It means that a handful of people in San Antonio can create a web outlet for multi-cultural commentary on politics and culture, name it, and nothing stops those people from being read across the entire United States.