In a landmark decision today, the Federal Communications Commission approved its long-awaited network neutrality plan, which reclassifies broadband internet as a Title II public utility. This classification will also enable the agency to have more regulatory power over the internet which, unlike the rules established in 2010, will extend to mobile broadband as well.

Today’s decision has been hailed as an historic victory for the so-called Open Internet advocates. The new rules, which were approved 3 to 2 along party lines, are intended to ensure that no content is blocked and that the internet is not divided into pay-to-play fast lanes for the big companies that can afford it and slow lanes for those who cannot. Supporters of the new classification argue that today’s ruling was necessary so that the agency can establish legal authority in order to have any regulatory power over broadband at all. In turn, the FCC has vowed not to regulate broadband as strongly as it could, and says that it will not control broadband prices. The new rules include a line guaranteeing that the FCC will not regulate “unbundling, tariffs, or other forms of rate regulation”.

Some of the key points of the plan include a ban on paid prioritization and the slowdown of “lawful content”. Internet service providers will be prohibited from blocking Web traffic or charging websites for priority service. Furthermore, the FCC’s reach is extended further into the internet, as the commission will now review so-called interconnection deals between companies such as Netflix and Comcast on a case-by-case basis to ensure fairness. As you can imagine, not everyone is on board with the decision. Prior to the vote this afternoon, FCC Chairman Tom Wheeler addressed the agency stating “This proposal has been described by one opponent as ‘A secret plan to regulate the Internet.’ Nonsense! This is no more a plan to regulate the internet than the first amendment is a plan to regulate free speech. They both stand for the same concept: openness, expression, and an absence of gatekeepers telling people what they can do, where they can go and what they can think.”

Not surprisingly, the most vocal opposition comes from major ISPs (Internet service providers) like AT&T (who has publicly decried the ruling as “nonsense”) and Verizon, who took their displeasure yet another step further. This afternoon, in a statement typed on a Remington typewriter and datelined February 26, 1934, Verizon criticized the rules as antiquated and likely to create uncertainty that will hurt innovation. It is almost a certainty that the classification will be challenged and further fought out in Congress and in the courts, but for now the ruling stands. The full FCC order will be available on the commission’s website within the next few weeks and will take effect 60 days after being published in the Federal Register.