1. I assumed (and, honestly, thought it was public knowledge) that this was happening already.
2. The bulk of coverage (and reaction) seems to believe that NSA is listening to your conversations. In fact (if I am dissecting the news correctly) they are recording the key details (length of call, location, to whom) and the actual message or conversation (not sure about this one), but only using this information after a second warrant. Basically, they find a suspected terrorist by other means, get a warrant to access the records of his/her calls, and see who the suspected terrorist is in contact with.
3. If the system works as described above, I'm a bit squeamish, but don't see a huge issue. I mean, I'm okay with Facebook, Verizon, Amazon, Visa, etc all having loads of info on me in order to sell me stuff, but once the government (who is not out to make a profit) does it, I object? I'm not a fan of sacrificing freedom for security, but this logic doesn't really make sense.
I probably have some other thoughts floating around, but these are the ones I've been mulling over.