I don't have a problem with this type of invasion of privacy as long as there is leniency and descression. I think if the ISP kept the record and a court order needed to be issued, it would probably help them catch the bad guys moreso than hurt the good guys.
On the other hand, if it leads to the FBI busting people for going to porn sites or downloading a song or 2, the FBI agents should be arrested for waisting our tax dollars.
As far as email traffic etc., I have always treated emails that I have sent out as relatively public anyway. I think the ones mostly against this kind of thing are the bleeding hearts and the ones who have something to hide.
... On an totally different tack... 2 years of the entire countries access records? They need to invest in quantum hard drives to record that sort of data... or do it the American way and record only a tiny, useless quantity of it. :E I love my country!
This isn't really anything new. Several federal agencies have been making similar requests for quite a while. There are some agencies that already monitor some types of communications. Most of the recent published articles were about comminications related to the war on terrorism and domestic terrorism. Perhaps this time the FBI wants to know who visited the web site that explains how to make homemade bombs.