Net Neutrality Legislation Pros and Cons?

What are the pros and cons of the Net Neutrality Legislation?
Some people argue the Net Neutrality Legislation is necessary for continued innovation on the Internet, and point to Comcast’s bandwidth metering as a sign of things to come. Others claim that it is unnecessary regulation that will create unintended consequences in its wake.

Where can I find the pros and cons of the Net Neutrality Legislation?

Net neutrality is the guiding concept behind everything that we get to do on the Web.
Net neutrality advocates are licking their wounds following reports that the FCC will likely leave broadband services deregulated. Activists had hoped the Obama administration would prohibit Internet service providers from charging individuals by how much bandwidth they consume. Yet as the Washington Post reports, FCC Commissioner Julius Genachowski will likely keep in place the "current regulatory famework."

Pros of Internet Regulation

A stringent internet regulation can help to curb the innumerable illegal activities over the net. Internet regulation will also help to prevent the large number of financial frauds, phishing, identity thefts, credit card thefts and many other illegal activities, which are possible because of the unregulated and unrestrained Internet activities. Although there exist several laws about child pornography or prosecutions of pedophiles, these issues are still rampant on the Internet. Internet regulation will also mean stringent policies over unjustified defamation.

Cons of Internet Regulation

A complete takeover by the government or even other telecommunication giants can lead to violation of net neutrality and will dampen effectiveness of this medium. It will be against net neutrality principle and will allow certain websites to limit their content to paid customers. Internet regulation will also tend to curb the freedom of expression, which is perhaps one of the most conspicuous factors that are instrumental in the success and popularity of this medium. For years the Internet has been an open source of information. A stringent regulation policy will mean limited access to the extensive source of information.

Right now, there are no restrictions of any kind on access to content on the Web, no restrictions on downloads or uploads, and no restrictions on communication methods (email, chat, IM, etc.) I hope everything stays that way.

Today the Federal Communications Commission approved new rules aimed at preventing broadband service providers from censoring how individuals and organizations can surf the Internet.
Internet should not be censored at all, it was created to be free and awesome.