If the gov't had a guy at the post office collecting specific people's mail, would the fact that he's looking at the address on all the mail be considered a search?
Even if on a technical level at one point all traffic is on RAM on some machine of the NSA, if they're not actually keeping it or looking at it in any real sense (beyond specific meta-data stuff that isn't stored), then I find it hard to consider that equivalent to actually storing the trafic.
The argument that they could easily switch it to do wholesale collection is pretty irrelevant in the courts.