I'm mostly with Boogie on this law. Remember the problem with wiretapping wasn't FISA, it was the fact that they were circumventing FISA and doing it without warrants.
Any law enforcement agency not run by Terri Schiavo is gonna want to keep its surveillance capabilities up to date with the technology people use. I don't think anyone has a right to a mode of communication that can't and won't be intercepted for any reason in the face of probable cause. We let the police do objectively much worse things (arrest would amount to forcible kidnapping if anyone else did it) because the threat of violence is a necessary part of the state, we just don't think about it.
All that said...
Does anyone think this won't be misused? There's abuse of the rules in any large institutions, and you gotta expect this will be worse than most because 1) law enforcement regimes at every level are extremely protective of their own and resistant to oversight, 2) it's historically worse with the secretive branches in the federal government, 3) the trends of the last decade have almost entirely been in the directions of more authority with less transparency or accountability.
I understand why they'd feel these capabilities are necessary, but I'd feel much, much better if they came attached to strict rules for use, and a workable plan to enforce those rules.