Does the FCC even have the authority to do that? Under what legal theory does an unelected federal regulatory commission have the authority to overrule state government laws on matters of state government interest? Don't get me wrong, I'm glad to see such laws go, as they're a major competition inhibitor, but how does the FCC have any authority in this?
Congress has clear authority to regulate interstate commerce, under the Constitution. Unlike some other things Congress has tried to regulate, it is very clear that the Internet is interstate commerce.
Having said that, the question that remains is whether Congress can delegate their lawmaking authority to some government bureaucracy. The correct answer to that question is probably no. But I know there are many people who would argue that point.
The last time the courts ruled on this, the ruling was that the FCC had ceded power and couldn't claim it back without the will of god. Or Congress, or something.
Not even close. The Supreme Court ruled that the FCC could not impose the rules it had tried to impose, BECAUSE it had not classified internet companies as Title II common carrier communications companies. So what the FCC did here, quite properly (if you accept that they have any authority to do it at all), was to re-classify internet providers as Title II common carriers.
There are many implications to this that people haven't been discussing much. It depends on the exact language of the rules when they go into effect. But the OLD rules for Title II common carriers stipulated that your communications can't be legally "intercepted" without a warrant. So deep packet inspection by ISPs is probably out the window.