Opponents say that it will kill innovation.
I think the opponents have a point, but I'm actually okay with a "fast lane" approach.
Some degree of traffic shaping is probably a good thing. It doesn't make sense to equally prioritize by dropbox update and my VOIP traffic. I want that VOIP to have low latency and high enough bandwidth. Dropbox update can wait. I'd rather have my FPS game have a low latency connection than my neighbors bittorrent connection.
I'd propose a fast lane but also ensure the slow lane isn't intentionally slowed down for no reason. Punitive throttling shouldn't be allowed.
It might be more effective if the tech community made thoughtful input in the rulemaking process instead of pure rage and outlandish demands.