Net neutrality basically means that every single data that goes on the web should receive the same kind of treatment when it comes to speed.
If net neutrality is "broken" internet companies will have the right to make your video straeaming (for example) slower. Right now many countries treat every single data with the same speed.
There are no pros for us, common people. The cons would be that we would pay for a service and the internet companies would choode the speed they send the content to us, making life hard for those who like to play online, watch netflix and so on.