Well Australia enacted similar laws a year ago. Previously it was access to whatever the ISP held without mandatory retention.
As if it would make it "all ok" they reduced the number of organisations that could obtain warrantless access to the information held by ISPs to only 48 (IIRC) EDIT: forgot to say 2 Year retention by ISPs of your internet accesses (any protocol)
Then we saw another 90 odd lobby the government for warrantless access within 6 months of enactment. It is now SECRET as to which organisations have access and prison time for any ISP to reveal who has access. So we are unsure how many have access now, but occasionally we get info of those who are asking for access. We do have one senator who is against it and he often asks questions in parliament and various senate inquiries which reveals more.
But the result is that while the original ACT had (as a regulation) the organisations of who can access the data without a warrant, it only takes a stroke of the pen (The AG in Australia's case) to increase the organisations.
Of course ANY organisation or aggrieved spouse can ask the court to get access to all of another's information.
Oh yes, expect it soon, but this time Australia did it before the UK, although very minor differences. The USA tried it but was struck down apparently, so the NSA just collect as much as they can with (not so) "secret" equipment under the guise of protecting the president from terrorism.
EDIT: forgot to say its 2 years data retention here for any communications phone, internet (any protocol).