Net neutrality is the principle that Internet providers should treat all data equally and avoid restricting or delaying access to certain sites.
In other words, the providers must act like the phone companies and just pass the data along. They can’t be gatekeepers or block content.
The FCC now unequivocally supports net neutrality. This is huge, and something the Bush Administration was dead set against. Net neutrality was a major promise of Obama during the campaign, and he has delivered.