1) The problem this fixes is largely non-existent today. The threat of fast and slow-lanes is one I've yet to experience.
2) Opening the door for more internet regulation seems risky. At first, things may go swimmingly, but I suspect regulatory capture will creep up on this industry, just as it has so many others. You may trust Obama and the current FCC head, but if and when the next Nixon comes to power, will you be as comfortable with his appointee?
3) The language "lawful content and services" seems like the kind of opening that could be the death of services like Bit Torrent or Tor.
4) Holding up the old telephonic lines as having been improved by regulation seems specious. In fact, the telephone system has been frozen in amber for decades. Perhaps overregulation is part of the reason we get our high-speed internet via the much less regulated cable lines and not phone lines.