From what I understand, McCain proposed a bill called the Internet Freedom Act or Information Freedom Act or something like that, which would prevent the FCC from regulating the internet. While deregulation sounds goods IN THEORY, it is due to FCC regulation that we have the "net neutrality" that prevents ISPs from highly restricting our internet access unless we pay premium fees. ISPs want to run the internet the way that cable companies run TV, and the FCC prevents them from doing so. That means that they could charge you more to access certain sites, or might charge sites a fee to prevent them from being restricted. And it means they could conceivably enact speed filters.

I don't think McCain really understands the issue, and is pushing for deregulation under the assumption that deregulation is unilaterally beneficial. During the presidential campaign, he was asked if he preferred a Mac or a PC, and he basically said that he didn't really know, and he needed his wife's help with computer stuff. So he should probably back off on this one.