Net neutrality sounds abstract, but it's pretty simple: It's about the Internet being a level playing field for everyone who wants to use it as their own printing press. You put a server online for your business or cause, etc., you should have the chance to deliver your message as fast as anyone else. No one should be able to pay for privileged support.
The people who run the infrastructure of the Net are Internet Service Providers, many of whom are large telecoms. They're not really private companies, in that they use public properties to get a signal from one place to another. For example, they have to run wires through public "rights-of-way," or they need to use public airwaves for radio-style communication.
In return, we expect them to respect American values like fair play and a level playing field; no pay for privilege.
Unfortunately, some of the less scrupulous telecoms seek to muddle the issue, deliberately confusing this with the kind of regulation that has hampered business. Such telecoms have even created fake grassroots, that is, "Astroturf" sites, which have been exposed.
So, just to be clear, we're not talking about regulation here. It's just about playing well with others.