Sorry for the butchered title, I had to get it under 80 characters: What effects would reclassification of ISPs to common carriers have on privacy, (un)lawful data collection?

I realize the importance of imposing net neutrality. I'm curious of what side effects reclassification of ISPs as Common Carriers would have regarding privacy and security.

I'm curious if there would be any changes in the ability for the government to (un)lawfully collect information, or make it difficult to secure our own privacy. Would it afford us any additional protections, or take some away? Would it make it easier for gov't agencies to route traffic through their facilities? Would/could it impose restrictions on the use or types of encryption? Would it make it easier for gov't to make changes to the classification with out over-site, or democratic process?