So Obama's asked the FCC to reclassify the internet as a public utility, like electricity or water. This means a lot of things. Suffice it to say that the internet gets a better square on the Monopoly board. Instead of just being a regular piece of real estate that can be bought or sold or modified or destroyed, the internet would enjoy a number of regulatory protections if it were classified under Title II of the Telecommunications Act.
The White House points out in a blog post about Obama's statement that the reclassification would represent a "basic acknowledgement of the services ISPs provide to American homes and businesses, and the straightforward obligations necessary to ensure the network works for everyone—not just one or two companies." That sounds about right. The internet was designed to be a free and open tool for communications.
So Obama's presenting a four point plan. You can read his full explanation of each point in the full statement below, but here are the important, pretty self-explanatory bullet points: No blocking. No throttling. Increased transparency. No paid prioritization.