Net Neutrality Provides Non-Discriminatory Access
Under Title II of the Communications Act (see Communications Act of 1934: as amended by Telecom Act of 1996; it's a PDF file), non-discrimination governs the basic transmission and access of any content on the Internet. Basically, this means that every Web site and every Web searcher is treated the same, which is the core concept behind net neutrality.
Innovation and Creativity are the Heart of Net Neutrality
The Internet has grown at a phenomenal pace since its beginnings in the early 1990's, and this growth is largely in part due to the protections and freedoms that net neutrality affords. Groundbreaking ideas and innovative products such as Google, eBay, YouTube, and torrents have gotten to where they are today because of net neutrality, and there are literally thousands of new start-ups, online stores, and simple ecommerce sites that start every day with the same chance to make it big.
Net neutrality encourages creative expression. For example, a mom talking about her kids has the exact same opportunities to be heard online as the millionaire giving a talk to his stockholders via podcast. Without net neutrality, this opportunity would be limited at best, and completely throttled at worst.
Net Neutrality Provides a Competitive Marketplace
Most people in the United States have access to only one, perhaps two ISPs (Internet Service Providers) in their local area. If net neutrality were to be revoked, these ISPs would have the authority to regulate Internet access, and since the consumer would most likely be unable to choose a different service provider, that access would be defined according to their discrimination.
Tiered Access Could Make For A Better Internet
Cable providers who invest in their networks are against net neutrality, since they believe tiered access - paying for different levels of Internet service - could pay for more sophisticated infrastructure, which would benefit all the users of that network. Their argument postulates that large companies could afford to pay higher fees for Internet access, which would in turn finance network improvements, which would eventually trickle down to the average Web user.
Do We Really Need More Legislation?
Net neutrality legislation could do more harm than good, especially since Internet technology changes so quickly. Inadequate laws could actually hinder commonplace safety practices unless specifically excluded, and provide loopholes for unethical exploits.