Akshay, I stick to my point about an elite coterie deciding what is good and bad. The food analogy is interesting. This is how I see the analogy- “As someone who only eats seven course meals, I totally oppose feeding someone who is hungry because he is only getting a one course meal”.

Can an ISP restrict free access to only a few sites?
1. I am not the consumer for this. So, the answer has to come from someone who would be. I am guessing they would pick this over no internet. In the days of using a dial up connection, I would have picked this option over unrestricted but hardly working dialup.
2. As long as there are enough ISPs and the market is fair and competitive, there is no need to curb this without knowing what the consumer wants.

3. ISPs need to at least break even on costs. If their business model is ad supported or vendor supported, why is it any different from an internet business?

The short answer to that question is it is nebulous and needs to be answered by someone who would make the choice. Not by someone who is not affected by it.