There are many taking sides in this debate that collection of metadata is the tryannical Big Brother regime. (These people need to get a grip.)

In and of itself, this program may not be Big Brother, but it sure is a huge step in that direction. You may or may not trust the Obama administration to not abuse all that information just sitting there waiting to be accessed, but what about future administrations? Or more likely, some mid-level government worker bee with issues of some sort and just enough access and smarts to start playing with the data? Judicial review and "safeguards" only work if people play by the rules (and if everybody did, then there wouldn't be programs like this in the first place ;-) It's the people who ignore those rules that we have to worry about -- and given the past history of some administrations, that's a very legitimate concern ...

Also, given that the argument seems to be "but we're not spying on US citizens, just everyone else on the planet," if you're anyone but a US citizen living in the US, you've got to be feeling really warm and fuzzy about our government right now =P