If the most powerful country in the world is getting trolled with one pdf and five powerpoint slides, this is a masterwork. It would appear that the phone tapping is real, or functionally real, based on the reaction of the Senate and the telecoms. The internet companies replies, especially Google's, are quite different. Simply causing FUD is sufficient to disrupt a lot of US companies' dominance in the internet market.
A lot of countries stand to benefit from a crippled United States position in internet architecture. One of them is holding an internet security summit with the President today. All of them have powerpoint, and many of them have active intelligence programs of their own.
Skepticism is warranted... The long term effects of this hubbub should act to strengthen privacy and security worldwide.