Net Neutrality as “Public Option”? and “Fourth Amendment”?

According to Internet rumors and frantic emails that I get from places like Save The Internet, the Obama administration is about to pull a “FISA” option, in which a once staunchly supported progressive/democratic/public good position is abandoned in the name of “pragmatism” (or, as I prefer to call it, “corporatism & permanent-security-state-ism”). Wetmachine friend Matthew Saroff has more. Not sure if all hope is lost or time to storm the barricades or have a beer and be happy. Hoping for some guidance from Mr. Feld on this one.

Minor edits for clarity. See comments for more.