BBC.David Anderson basically gets it right, here. I agree that the scope of powers the intelligence community has (yes, including the bulk collection of metadata) are legitimate and should remain. However, the reforms Anderson mentions are more than sensible.
Judges should absolutely be the ones warranting searches of the collected metadata, not politicians, and all of the safeguards ought to be collected in one piece of legislation.
I will be greatly disillusioned if the current government doesn't live up to this.