The huge fear everyone had regarding the FCC was that it was going to allow ISPs to outright block websites. It seems like there's no way that's going to happen, so that removes part of the stigma surrounding these rules.
But the other issue here is market pricing. If Netflix is using half the bandwidth in existence, I think it should pay according to a different model than Tumblr, which uses dramatically less. My hope is that if we allowed ISPs to charge different prices, they could improve services, load times, make investments in needed infrastructure, etc. But I think a lot of the problems with ISPs (in the U.S., at any rate) aren't due to a lack of money, but the failure of regulators to enforce point-of-distribution competition, i.e., making all the infrastructure up until the point where the ISP takes over shared, so different companies can compete on the same "grid" area.
The flipside of this is that it might hurt startups, which could potentially have bandwidth-heavy content but wouldn't be able to pay ISPs for it out of the starting gate, which would favor large, established companies like Netflix and Google. I don't really know enough about Internet governance or telecommunications regulations to discern which of these is more of an issue, but my knowledge of economics sort of suggests that tiered pricing makes a lot of sense as long as ISPs can't block access to a given site.