I can tell from reading the other comments here that my opinions will be in the minority, but I can personally testify how GOOD this system is.
I do flight testing of military aircraft, and we did a demo with several planes and helicopters a couple years ago on the "ADS-B" system, which is a component of NextGen. I've played with it inflight myself, and surveyed many pilots who used it. So you know I'm not blowing smoke, I won an award for a paper about this system at the 2006 Society of Flight Test Engineers annual symposium.
To give you some context about what NextGen and ADS-B do, here's the idea. (I think this description will be useful, since it appears most of the comments here demonstrate a profound lack of knowledge of the system... but this *IS* /. so I'm not surprised.)
Each plane is equipped with a transponder. It receives GPS position, and broadcasts a packet of data once per second (much more frequently than the usual radar sweep of 10-15 seconds) containing identity, position, aircraft type, speed, heading, altitude, and more.
With just a few thousand dollars worth of optional equipment, each plane can also recieve these broadcast packets of information DIRECTLY from other aircraft. In other words, an airplane will see what the other nearby airplanes are reporting too. Right now, a pilot has very little idea what is around his own plane - if the controller doesn't warn him, he doesn't know about it. The existing collision avoidance systems only show a rough approximation of what's in front of you at roughly the same altitude, but it's very error-prone (based on WWII-era-technology directional radio beacons), and hard to find the targets in many cases. But this sytem lets you see everything that the airspace controller is seeing, and almost instantly - once per second. We found the pilots experienced a four-fold increase in their ability to identify conflicting traffic in front of them, and for the first time were aware of overtaking traffic too (faster stuff coming up behind them).
The ground-based system rebroadcasts ALL of its data (including skin-paint targets) on a separate radio frequency, so any airplane (or even ground observers) can learn about everything in the airspace. Along with this data, it also uploads precipitation radar and other weather data, plus airport information. So the pilot has access to a vast amount of new information. And most of the systems have onboard maps with terrain mapping, helping to keep the pilot away from mountains and other dangerous "cumulo-granite" features.
For the pilot himself, the increase in situational awareness was simply amazing. The immediate and crystal clear presentation of the location of all nearby planes meant that he knew everything going on around him. For the ground controller, the much higher frequency updates combined with the much more detailed information about each plane means improved ability to track and direct those airplanes.
There ARE a few downsides, but they're vastly outweighed by the improvements. As some comments indicate, it does depend on GPS. Well, duh. But so do the navigation systems already onboard the airplanes... and cars... and commercial trucks... and ships... and trains. If GPS goes down, there will be much worse problems than this system going away. Despite what it sounds like, the radars are not going away - some will, but there will still be enough for "skin paint" and radar transponder tracking if needed (Congress and the FAA are not totally stupid). As to GPS jammers, note that the airplane is receiving the GPS data, and broadcasting its information on a totally separate frequency to the ground and to other aircraft. So any GPS jamming (since it's localized) will only affect a few airplanes, not the whole system. And by the way, all serious aircraft have multiple navigation systems; jamming GPS won't kill any airplanes, despite the alarmists.
Finally, let's talk about real-world - this system was installed in portions of Alaska around 2000-2001, as a trial run. The FAA mandated that all aircraft have transponders, and in fact paid for the boxes for a huge number of private airplanes. Alaska is a good test site, since there are so many "fly to work" and "fly to school" private plane owning families in remote areas. Accident rates dropped sharply the first year - with an 80% reduction in fatalities (WOW!). Many stories emerged about being saved by the system, as multiple pilots often must navigate thru very tight mountain passes in bad weather, and midairs and flight into terrain were too common. So this system has already proved itself.
So throttle back, guys, this is a GOOD thing, and I've been waiting for it with great hope since I got to play with it myself.