Jeff has been taking good notes via his blog, and I urge you to follow his postings if you want to keep on top of the situation.
I'm not a regulatory expert, but Jeff raises some troubling issues about how fragile Net Freedoms really are, and the seemingly arbitrary approach the FCC is taking to regulating the Internet, especially over the E911 issue - but not doing the same for other communications technologies like wireless or satellite.
As usual, Jeff's timing is right on. Tomorrow is his Peripheral Visionaries Summit, which has a heavy focus on the regulatory issues. He's right in the thick of it during these days before the event, and I expect his next few blog postings will give us a pretty good window on how the FCC is looking at VoIP now, as well as the positions being taken by all the key stakeholders - RBOCs, MSOs, software companies and IM players.
Also of note - uber blogger Andy Abramson will be attending the summit, so look to his postings for a more detached perspective on how things turn out.