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In short: What you've read about so far about the deal is true:

1) No net neutrality rules for mobile networks, except for a "transparency" requirement that makes public how traffic is managed.

2) A green light on "managed services" that would allow for special priority for some content on other parts of the pipe, but not the public Internet.

This is not going to be a popular announcement among advocates of net neutrality, particularly public interest groups. Google said it doesn't want to play in the sandbox of managed service. "We like the public Internet," Schmidt said in the call. But some say this will give an unfair advantage to companies that are able to pay for priority access (imagine a Netflix channel on FiOs offered at better quality).

2:08 EDT: Schmidt and Seideberg say they have talked to Federal Communications Commission Chairman Julius Genachowski, and that agency said it is reviewing the policy statement.

Q: What about the process of this deal?

A: Schmidt wants to make sure everyone knows it's not a "deal."

Seidenberg said Verizon has reached out to other carriers.

Schmidt wants to make clear that no deals were cut with Verizon on prioritization and says he doesn't want to do managed services. He's happy with the public Internet, he says: "We love the Internet and don't have any intention of doing anything but the Internet."

Q: Would managed services allow for Google to pay for YouTube at better quality or speed?

A: Both Seidenberg and Schmidt talk about how this wouldn't happen on an open Internet. Seidenberg says: "This is where some of these conspiracy theories get started. No prioritization would come from Google over the Internet."