Some say that taking out Net Neutrality would allow for faster services, it would allow the companies to severely reduce the broadband speeds for websites that are in direct competition with the companies, and only increase those in association with it. For more info, see CGP Grey's video at www.youtube.com/watch?v=wtt2aSV8wdw
It prohibits service providers from prioritizing the delivery of online content to household customers. It creates a kind of equality that won’t choke out smaller services, or places that you want to go on the internet.
It prevents powerful online service providers from controlling Internet traffic in a way that suits their own financial interests.
The government has taken a ridiculous stance on this issue. They've proclaimed that the internet is a public utility, and not private property. Let me be clear, the internet IS PRIVATE. Private individuals and/or companies purchase servers with which they host information that can be viewed by the masses. By making the internet a public utility (like water, electricity, etc...) They now have the ability to further regulate it for the "Greater Good". And guess what, if I worked hard, and spent MY money on an internet company, why shouldn't I get to choose what goes through my company, why shouldn't I get to choose my speeds?