I completely remember this debate. And my feelings haven't changed from that day to this: If you let the Government get involved in this issue, in ANY way, you will live to regret it.
What TWC and Verizon (the instigators of that roe as I recall) wanted to do was to charge large content providers (Google, Time, CNN, etc.) to have "priority" throughput on their networks. If they didn't pay, they'd be given a lower QoS and therefore, because of the number of requests to their servers, they would effectively be throttled.
What I pointed out all those years ago (with many years experience RUNNING an ISP) was that if you get the government involved, it will give them an avenue to moderate the Internet for political reasons. Further more, all the "kiddies" at that time were bitching about how Torrent, etc. was being throttled by Joe's Wireless company or some such, and they just couldn't understand the difference between what TWC/Verizon were doing and what Joe was doing trying to maintain a basic QoS on his limited bandwidth network.
In the end, it appears that two things have happened: The kiddies have drowned out the voices of people who actually have a clue, and the politicians have heard their cries and have come running.
"We're from the government, and we're here to help." -shiver-