This Wall Street Journal investigative piece is a month old, but well worth reading. Basically, the Total Information Awareness program is back with a different name:
The rules now allow the little-known National Counterterrorism Center to examine the government files of U.S. citizens for possible criminal behavior, even if there is no reason to suspect them. That is a departure from past practice, which barred the agency from storing information about ordinary Americans unless a person was a terror suspect or related to an investigation.Now, NCTC can copy entire government databases -- flight records, casino-employee lists, the names of Americans hosting foreign-exchange students and many others. The agency has new authority to keep data about innocent U.S. citizens for up to five years, and to analyze it for suspicious patterns of behavior. Previously, both were prohibited. Data about Americans "reasonably believed to constitute terrorism information" may be permanently retained.
Note that this is government data only, not commercial data. So while it includes "almost any government database, from financial forms submitted by people seeking federally backed mortgages to the health records of people who sought treatment at Veterans Administration hospitals" as well lots of commercial data, it's data the corporations have already given to the government. It doesn't include, for example, your detailed cell phone bills or your tweets.
See also this supplementary blog post to the article.