Read the full policy on Google’s policy blog.
Here’s how it reads to me: The “wireline” (read: everything but cell networks) internet, where it helps Google’s business that providers are not allowed to make one site or service load faster than another (Say, Bing gets priority over Google Search) net neutrality is sacrosanct. The “wireless” (cell) internet, with Verizon, where it helps Google’s business if traffic to their sites and services load faster, net neutrality isn’t a big deal, and should be abandoned. “For now.”
This is the PATRIOT Act of the wireless internet. If net neutrality for wireless is abandoned now, we will pretty much never get it.