Net neutrality, as its known, is the idea that the owner of one of the Internet’s “tubes” should not be able to favor its own traffic over others. For example, a carrier would not be able to charge Netflix a fee for faster access.
Today, a federal appeals court struck down a big part of net neutrality. The issue (and decision) is complicated. You have a mix of substantive law (what the FCC can do) and procedural/administrative law (did the FCC adopt the rule correctly).
Where net neutrality concerns many of us citizens of the Internet is in terms of making sure people can access the content we produce. Without net neutrality rules, ISPs could give preference to paying users like Netflix, NBC, or whomever. Their traffic would clip along at full speed while bloggers (for example) would find their readers waiting for the site to load.
We’ll have to see how this one plays out.