In line with what most others have said on this topic. The Fail includes:

“Lawful” Content and Wireless Exclusions — Fail:

The proposal essentially ignores some of the key problems that EFF and others have had with previous network neutrality proposals. These loopholes could undermine the goals of neutrality, or lead to unanticipated and regrettable outcomes.

1. It still limits nondiscrimination to “lawful” content without defining the term or giving any indication of who decides what is “lawful,” opening the door to entertainment industry and law enforcement efforts that could hinder free speech and innovation Last year, the big media companies took advantage of similar language to push for a “copyright loophole” to net neutrality that would have allowed them to pressure ISPs to block, interfere with, or otherwise discriminate against perfectly legal activities in the course of implementing online copyright enforcement measures and a similar loophole existed for law enforcement. So long as your ISP claimed that it was trying to prevent copyright infringement or helping law enforcement, it could be exempted from the net neutrality principles. This was the focus of EFF's comments to the FCC in January, 2010 and our Real Net Neutrality campaign.

2. As many others have noted, the exclusion of wireless from all but the transparency requirements is a dreadful idea. Neutrality should be the rule for all services, and a distinction between wired and wireless not only defies reason, it also abandons the portion of the Internet that is currently most lacking in openness and neutrality. Users are increasingly demanding the ability to do many, if not all, of the same things in a wireless environment as they do in a wired one. Regardless of what regulation may look like or whether there is any regulation at all, there shouldn’t be a distinction between the neutrality available on wired services and that available on wireless services.

Others are still chiming in with their opinions. Here.