this concept started as what blase mentioned but its now basically moved to internet providers giving bias to websites to connect to them via a fast connect. Machette gave a good analogy where cable companies choose what channels you have in a package. you cant just watch anything you want unless you pay more for it.
Lets say that suckbay throws a million bucks to comcast. You can now get to suckbay quickly and browse at your normal net speed.
however ebay didnt pay a million bucks. so if you are trying to access that site to sell something it would travel at 56k speeds.
also from that wiki document
Net neutrality has been instantiated into law in many countries, including the United Kingdom, South Korea, and Japan.
so our UK breathren already are under this type of law. I don't see them flipping shit.
Net neutrality is a good thing
http://www.itsournet.org/