Here it is:
- If considered part of Title II of the Telecommunications Act, internet service providers could be subject to greater regulatory oversight from the FCC;
- Under Obama's plan, such oversight would take the form of a requirement not to preference any traffic over any other. This would mean that, like other utilities such as electricity or water, the source and destination of the traffic over the networks that they own would be immaterial to the quality of service;
- This would mean that Comcast, for example, could not slow the speed of Netflix in order to compel it to pay a concession for faster speeds. Similarly, new entrants to a market who couldn't afford to pay would not be required to do so, and as a result, their services would be able to compete on a (more) equal footing to incumbents; and
- Perhaps most importantly, Obama has insisted that the proposed regime apply to both fixed and mobile broadband providers. Mobile telcos have previously professed that the scarce nature of spectrum is justification for them to be treated differently, but considering the increasing number of people relying on mobile broadband as their primary connection interface, this is a key inclusion.
It's not as easy as that however. The FCC does not have to respond to Obama's plan (in fact, it didn't request it in the first place). However, FCC Chairman, Tom Wheeler, was appointed by Democrats and the majority of other commissioners were appointed by Democrats. So, Obama's suggestions may gain some traction despite them coming late into his presidency as well as after several failed courtroom battles.
As Barbara van Schewick stated on the blog of the Stanford CIS, the classification of broadband under Title II is "sound policy based on a strong legal foundation" This has long been the case but it has not effectively been implemented. Earlier this year, the FCC lost their battle to Verizon because in drafting the Open Internet Order (the regulation which was the subject of the Court's examination), the FCC relied on section 706 of the Telecommunications Act, and not Title II. Section 706 enables the FCC to "encourage the deployment on a reasonable and timely basis of advanced telecommunications capability to all Americans"  The FCC would have had a better chance at success had they classified carriers under Title II to begin with. Here's hoping that, with nothing to lose, Obama can lead them towards this rational policy goal.
Obama explaining his net neutrality approach
"Net Neutrality" is Obamacare for the Internet; the Internet should not operate at the speed of government.
— Senator Ted Cruz (@SenTedCruz) November 10, 2014
Senator Ted Cruz (R-TX) responds
To attempt to impose a full-blown Title II regime now, when the classification of cable broadband has always been as an information service, would reverse nearly a decade of precedent, including findings by the Supreme Court that this classification was proper.Comcast responds
 Telecommunications Act 1996 (United States), s706 (http://transition.fcc.gov/Reports/tcom1996.txt)