It's ok because it's legal. It's legal because we've made laws allowing it. I hope they find time soon to get round to addressing if it's ethical, or if the people want it.
So yes, I don't mind that at all. That seems like exactly how the system should work.
* Though intelligence warrants work a little differently in the UK
http://www.guardian.co.uk/uk/2013/jun/21/gchq-cables-secret-...
Tempora is described as storing absolutely all packets traversing given points for fixed number of days.
This claim "we have individual orders" is just based on the interpretation that "before you start the court procedure against somebody it's not intercepting" so of course under that premise, they have warrants. So they collect everything, store everything and they simply don't name that "intercepting and collecting."
The simple question for them is "is there a Tempora project, is it active and how many individual records are in the databases in that project and how many internet packets are on the storage at once?" -- Just an order of magnitude (the exponent of 10) of the packets is enough. If you have a millions of billions packets stored, it's certainly not from any small number of "targets."
Even Snowden's allegations put the maximum length at 30 days which makes it sound much less like a database of everyone's activity online.
That they don't use the collected data against everybody at once is clear. But they certainly spy everybody, everything else is a spin. They just later decide on whom to use the data they already intercepted, collected and processed. That interception, collection and processing they call "nothing" and later usage they call "interception" with a warrant. It's a spin.
We also saw that a single warrant can order "everything." There are no limitations.
They shouldn't be intercepting data without a warrant. They are intercepting everything and then deciding what they think is important or justified. That's illegal and needs to stop.