Well, we'll see what the agreement actually entails. But I am deeply skeptical of any agreement that doesn't also include legislative proposals on the US side.

The EU court rulings on US <--> EU data transfers observes, correctly, that US law does not have much in the way of accountability for US law enforcement's access to personal data. That's what all of this has been about. You can't use Standard Contractual Clauses, because US law allows the FBI to override the contracts and demand the data. You can't use Binding Corporate Rules, because US law says a warrant overrides that. You can't fulfill your obligation to notify the data subject, because a National Security Letter requires secrecy.

An agreement to replace Privacy Shield will ultimately not stand up in EU court unless the US curtails the reach of law enforcement access to private data. Which, I'll be happy if that happens, but I'm skeptical.