I think the 4th Amendment rights of US citizens are being looked after. Intelligence Oversight was one of Gen. Hayden's biggest priorities when he started his "let's clean up/make the NSA more friendly to the public" campaign.
Only two parts of it really confuse me.
1) Is the collection domestic to domestic, or is it still limited to domestic to international.
2) Why does the president seems to think he can authorize it when USSID 18, EO 12333, and the Foreign Intelligence Surveillance Act all say that only the a) Foreign Intelligence Surveillance Court, b) Attorney General, and c) (in emergencies when reasonable evidence is shown) the Director of the NSA (DIRNSA) may authorize surveillance of US citizens (s/he still has to notify the Atty General afterwards).
The way I read it when I last had to read EO 12333, all domestic collection should be undertaken by the Federal Bureau of Investigations except for the provisions in part 2 of that same document. If a citizen has any major concerns they may wish to contact their congressman/rep on the Intelligence Oversight comittee. Make sure to mention EO 12333 and USSID 18 and to ask how they figure in with this new program.
Some good links to EO 12333 and USSID 18 are here:
http://www.cia.gov/cia/information/eo12333.html, and here: cryptome.org/nsa-ussid18.htm. There is also an official version of USSID 18 on the library of congress' public site.
Most of the redacted parts of USSID 18 can be filled in by reading the other docs. Hope these links give you guys some food for thought.
EDIT: USSID 18 section 6.1 is probably the section that covers the phone number database. I'm not too worried about the gov't or employees in the Government misusing that list due to the massive and
nasty penalties for disclosing/misusing intelligence info. Intel monkeys are more of the sort of people that would rather have too much info and have to throw 90% of it away than have too little and end up with 5000 people dead on a thursday morning.