The new bipartisan House Judiciary Bill fails to pacify anti-gov types who have divined that it won't abolish NSA and its programs, creates a new jobs program for privacy advocates to "advise" the FISC, and provides increased transparency (but no change in oversight).
What we found in a December 2014 CSIS Report:
"Interviews with current and former intelligence officials give us some guidance in deciding this. The consensus among these [ current and former intelligence officials ] is that 215 [program for metadata collection] is useful in preventing attacks, but the least useful of the programs available to the intelligence community. If there was one surveillance program they had to give up, it would be 215 before any others, but ending 215 would not come without some increase in risk."
Full report can be found here.