As an European I probably should be glad about this, since this combined with all the NSA spying issues and implementing backdoors into US products [1], should increasingly force innovation out of US and bring it to Europe, but somehow I'm not.
All the ISPs will slow down all the major companies services, unless they pay up. There is no "faster" Internet. It's just "paying to get normal Internet back", like they've already done with Netflix:
More likely isps in other countries will look to this and decide they can make more money there. I think some Australian ips still have low gigabyte caps per month
We should never look over the water and be thankful it's not happened to us, because all we're seeing is how our (near) future is likely to be.