Here is a link to the full FCC draft (pdf).
Of note, on page 109,
190. We conclude that regulation of broadband Internet access service should be governed principally by a uniform set of federal regulations, rather than by a patchwork of separate state and local requirements.… (191.) We therefore preempt any state or local measures that would effectively impose rules or requirements that we have repealed or decided to refrain from imposing in this order or that would impose more stringent requirements for any aspect of broadband service that we address in this order.…
Which is to say that your state or city cannot pass laws that require local ISPs to behave differently than the FCC rules set forth. An ISP that wants to operate in Valentine Nebraska (population 2700) must operate under the same (minimal) rule set as one that wants to provide service in Boston. This may be reasonable or it may not. The service needs and requirements of different regions may call for different rules.
Preemption, to me, sounds like tilting the field in favor of the larger entities. But, you know, competition is much better when the little guy has to fight the tide to survive.
Then, on page 112, we find,
192. Although we preempt state and local laws that interfere with the federal deregulatory policy restored in this order, we do not disturb or displace the states’ traditional role in generally policing such matters as fraud, taxation, and general commercial dealings, so long as the administration of such general state laws does not interfere with federal regulatory objectives. Indeed, the continued applicability of these general state laws is one of the considerations that persuade us that ISP conduct regulation is unnecessary here. Nor do we deprive the states of any functions expressly reserved to them under the Act, such as responsibility for designating eligible telecommunications carriers under section 214(e); exclusive jurisdiction over poles, ducts, conduits, and rights-of-way when a state certifies that it has adopted effective rules and regulations over those matters under section 224(c) …
This relates directly to an issue from the Obama-era order. On specific case was Chattanooga TN, where the county wanted to establish municipal broadband to serve areas that the commercial provider had no interest in, but Tennessee state law prohibited it. This section would effectively restore the weight of the state law, eliminating the public competition (which was competing for space that the commercial provider was ignoring).
Because public competition against private companies (that often have no other competitors) is unfair when public services do not have to make a profit. Again, this sounds a lot like tilting the field in favor of larger companies. Which might, in theory, be a net positive. Or it might, in theory, be some kind of graft-like thing.