I would first like to thank Jane for doing a much better job of covering this than the much too political Anandtech "tech" site. It is really getting ridiculous over there...
Yes the ability to trace your communications have been in place in the US since 1994, but this seems to be a grey area for me. You are now creating (or we to ensure you have the ability to create) a back door for hackers to potentially exploit. As I have read, currently websites have the ability to wiretap you now (as if you didn't already know that), but this will create a sort of "ready-state" that at a moments notice could be utilized. Currently the site would first have to be notified, setup the wiretap, then execute. This bill will create sort of a "flip switch".
Grey area here...(leaning towards not liking this).