This is important. Too many people imagine that the internet was an inevitable development which can't be killed, but that just isn't the case. The power of the internet is due to some very smart decisions made by smart tech people and Senator Big Sweaty Lunk. There are those who will kill it if they can.
I suppose the good news for "reformers" is that if the big ISPs succeed in doing this then they'll have a good excuse to regulate internet political speech, because then it will be the case that money will matter on the internet.