Working collaboratively over many months, the companies have established a more direct connection between Netflix and Comcast, similar to other networks, that’s already delivering an even better user experience to consumers, while also allowing for future growth in Netflix traffic. Netflix receives no preferential network treatment under the multi-year agreement, terms of which are not being disclosed.
On one hand it just sounds like a sort of peering agreement between the two companies (if we can trust the bit about "no preferential treatment"), but on the other it sounds sinister and frightening in regards to net neutrality. I don't think it's time to say the sky is falling as long as smaller companies can get fair network treatment. But gosh it makes me feel icky.
I think there is something to be said for Netflix being a bit of a special case. It is responsible for a huge amount of internet traffic.