Column: What is net neutrality, and why the war of words?

You know that an issue has heated to boiling point when the opposing sides roll out the hyperbole. That is why the issue of net neutrality has now been defined as either a) a threat to the survival of the Internet as we know it, or, 2) yet another socialist plot to undermine American capitalism.

Deciding which it is will be important to us all, as consumers and as investors. Unfortunately, the decision in this case belongs to three members of a US Court of Appeals who this week began hearing arguments in a case brought by Verizon (NYSE:VZ) against the Federal Communications Commission (FCC).

Although Verizon is the name brand in the case, the decision is of equal importance to AT&T (NYSE:T), Comcast (NASDAQ:CMSCA) and Time Warner (NYSE:TWX), the companies that together provide most Americans with broadband Internet service.