The NYT explains the problem concisely:
One of the Internet's great strengths is that a single blogger or a small political group can inexpensively create a Web page that is just as accessible to the world as Microsoft's home page. But this democratic Internet would be in danger if the companies that deliver Internet service changed the rules so that Web sites that pay them money would be easily accessible, while little-guy sites would be harder to access, and slower to navigate. Providers could also block access to sites they do not like.