Nilay Patel gives a great overview of Google and Verizon’s net neutrality proposal. If you’re interested in their proposal I suggest you read Nilay’s whole piece where he goes into greater detail. But, here’s Nilay’s condensed explanation of the proposal:

Now, we don’t know for sure what happened, but we’ve got a theory: the proposal reads to us like Verizon’s basically agreeing to trade neutrality on its wired networks for the right to control its wireless network any way it wants — apart from requiring wireless carriers and ISPs to be “transparent” about network management, none of the neutrality principles that govern wired networks will apply to wireless networks. That’s a big deal — it’s pretty obvious that wireless broadband will be the defining access technology for the next generation of devices and services.