Unfortunately, more aggressive reforms -- like the Surveillance State Repeal Act -- weren't on the table; and there was a lot of concern that the Senate would further weaken it. So given the makeup of the House and Senate, passing the House version unmodified after a sunset was probably the best outcome. ACLU's Jameel Jaffer says "This is the most important surveillance reform bill since 1978, and its passage is an indication that Americans are no longer willing to give the intelligence agencies a blank check."
While the sunset doesn't actually have any long-term effect, IMHO it's still symbolically important: it meant that the usual tactics of "engineer a last-minute crisis" didn't work this time. And because of Rand Paul, it's actually going to be an issue in the GOP Presidential campaign -- which is huge. [Sanders voted against it as well, saying it was too weak.]
So on the whole I'd say it's a win for reformers ... a small win, admittedly, and tinged with disappointment that even after Snowden we couldn't do better. Still, it's a long term battle. And frankly it's been a while since we've had even a small win.