The complete antithesis of the internet. Geo blocking is the blocking of websites, video, etc. based on your location in the world. Thus this defeats the entire global village scenario, where we were all supposed to be able to view and/or share all content in the internet with anyone, anywhere in the world.
Proxy browsing can sometimes remedy this situation, but it doesn't always work properly.
I just clicked on a Digg link to Comedy Central only to find that since I live outside of the U.S. I can't view it, whoopity do!
Geo Blocking is just another lame ass corporate attempt to constrict and control the internet.