Here's a recent video from Reason.tv on reasons why the FCC should not get itself involved in regulation of the internet:

The point raised in the last part of the clip rasing the specter of the FCC's inevitable regulation of internet content (not just traffic as it now wants to) should not be overlooked. Throughout its history of regulating the broadcast spectrum, it has been more than happy to regulate airwave content -- even political content -- all in the name of the nebulous "public interest." There's no reason to doubt it wouldn't eventually like to do the same with the internet.

* Note: I'm currently writing my graduate thesis on the FCC and its regulation of political content over the airwaves.