Anyone who follows this blog (anyone? Bueller?) knows how I feel about IP bandwidth caps. They're awful.
In a nutshell, imagine hitting a ceiling in the amount of bandwidth you could use in a month (see: running out of cell phone minutes) and then getting charged out the ear for each megabit you use after that. Now imagine how it would change your use of the web when browsing high-bandwidth sites (especially YouTube.)
Factor in how important the web has become as a way to spread information when information is under attack (anyone? Iran?). Conclusion: bandwidth caps are a terrible idea.
Apparently, New York Congressman Eric Massa agrees.