What will Google and Verizon do to the Internet?

You may have already heard about their deal.

http://www.latimes.com/business/la-fi-google-verizon-20100810,0,7352697.story

Among many things which puzzle me, the biggest is when they say that protection rules won't apply to wireless. So does that mean they want to gut wireless, or try to nickel and dime people, stop streaming video (unless it's on a site which benefits them), etc?

Stopthecap, which is a blog I read that talks about Internet overcharging, throttling, etc. is very wary.

http://stopthecap.com/2010/08/09/verizon-and-googles-internet-vision-thing-separate-and-unequal/