Some of my "favourite" takeaways:
He stressed consumers would be guaranteed a baseline of service Just like your internet provider says they don't throttle torrent traffic, but a few major ISP's have been caught out doing just that. The same is going to happen if this proposal goes ahead. Unless people breaking the rules are reported, they won't be caught and where will the resources for reporting infringer's come from?
Wheeler's proposal is part of a larger "net neutrality" plan that forbids Internet service providers from outright blocking Web sites I have no doubt in my mind, the reform Wheeler is pushing for is merely a door and there are definitely bigger things in store once the flood gates have been opened. The pressure will be too great to close them again.
The agency said it had developed a "multifaceted dispute resolution process" on enforcement and would consider appointing an "ombudsman" to oversee the process. The FCC has a shady history of resolving disputes, this is merely hot air to make the reforms not sound so bad. What happens when the resolution process breaks or is overwhelmed and can't cope with the number of infringements taking place?
As for a handful of key entities controlling what happens with the pipeline, China is a classic example of what happens when you let a sole entity dictate something like the Internet and even then, the great firewall doesn't stop everything.
Then there are questions about conflicts of interest. What happens when say a company like Comcast owns a stake in a company like Netflix and conspire to extort a competitor like Hulu (asking for exorbitant amounts of cash for speed). Who sets the price of these fast lanes and will prices be capped to prevent extortion? Too flawed to work.