I'm, of course, opposed to the FCC acting in direct contradiction to the will of Congress, but putting that aside, it should be noted that this isn't the catastophe the hyperbole-laden (and unnecessarily vague) missive from the unsurprisingly clueless Phil Kerpen, on the Fox News website.
The regulation would prohibit ISPs from blocking applications, content and devices, but doesn't prohibit them from imposing tiered service for various levels of speed and total throughput. Those loopholes make it practical for ISPs to effectively cripple the applications most likely to be the targets of the blocks that the regulation prohibits. Essentially, this regulation is pushing the industry toward metered service (instead of unlimited service). Metered service is really a fairer way of charging for Internet access anyway.
The regulation also explicitly permits reasonable network management which can be applied to provide priority service for short bursts of inbound data, and then reduce priority as the call for more inbound data is continued. What this does is it provides superior quality for asynchronous applications, such as surfing websites, posting on message boards, checking email, paying bills, online shopping, etc., and degrades service for pipeline applications, such as video streaming, which the ISP typically provides themselves, through another part of their service.
So like many other government regulations that violate reasonable standards of government non-interference in business, this regulation probably can be easily worked-around by the industry, at least until the Congress gets around to smacking the FCC down for a fourth time in five years, for overreaching its authority and essentially doing a ridiculous power-grab.
(It should be noted that if the voice and video telephony exclusions are explicit, that might represent the only really meaty portion of this regulation, as it will open the doors up for Skype, which could significantly hurt mobile broadband service providers, who make a lot of their money on unused airtime.)