While it's clear that net neutrality is a Good Thing(TM) in the context of the Internet, it's not at all clear that legislation will help, or that the legislation can even be effective.

For a start, most telecommunications providers prioritize Internet traffic over their pipes already. As one example, if you pay Telstra for a Virtual Private Network (VPN) which allows two branch offices of your company to securely connect to each other -- that traffic is likely to receive higher priority than "regular" Internet traffic. This is simply because Telstra will have an agreed Service Level with your business and delays or dropouts in service will cost it money. Is that a loss of "Net Neutrality"?