This is a data center designed to, supposedly, store data on the scale of a yottabyte. I only say "a" yottabyte, because to assume even slightly greater than that is sheer lunacy.
That is freaking massive. If you took all terrorist cells and all terrorist activity for the history of terrorism and terrorist activity, you would not even touch a fraction of a percent utilization. We're talking rain drops in the ocean.
There is no way the NSA is merely watching the bad guys here. The data center is a few magnitudes too large for such a task.
I would assume right now they are merely recording all data, in hopes that one day they will have technology to quickly crack encryption. However, even without knowing what is said (the content), the metadata of connections gives plenty of information on what people are doing.