Their conclusion is that while the companies' proposal has a few good points and points worth considering, it has some serious, troubling flaws that could be real threats to the way the Internet works in the future.
Most importantly, Google/Verizon's insistence that "wireless broadband is different from the traditional wireline world" is a bug problem. They claim that this is partly because "the mobile marketplace is more competitive and changing rapidly." Ummm, yeah. This is exactly why the it needs to be protected. The principle of neutrality has nothing whatsoever to do with the method being used to transmit information, and this idea coming from Verizon makes it particularly suspect. They're basically saying that they still have a hell of a lot of money to make in wireless, and they don't want any regulations to get in their way.
Go read the EFF's summary. It does a great job of breaking down what's really at stake.
(via everyone on Twitter)