There are two parts to the issue of privacy and data protection in the US that have been mixed together in my view here.
Firstly, there is the US legal framework which is quite messy in this area. On the one hand, for large aspects of this, the US constitution is quite clear but there have been Federal efforts after 9/11 to try to subvert much of what the constitution laid down for reasons only the Federal administration know. This impinges a little on free speech and the right to a private life and meddling thereof by their government.
Secondly, there is what the NSA and CIA get upto outside of the law. Snowdon's revelations blew all of that into the open. Large scale, indiscriminate collection of Internet and phone data. Secret gagging orders. No oversight in any democratic sense. No redress for mistakes and massive potential for the ruination of innocent people's lives. This kind of think was exactly what the European data protection legislation was supposed to tackle: to bring collection of personal data into the open and apply a reasonable, across-the-board framework to it and ensure that data collection is proportionate, justifiable and allow errors and mistakes to be redressed.
In my view, the second issue above is the real issue here. Now the article talks much of the legalities and how the new deal relates to recent legislation passed through the Federal administration, but Europe has lost much of any trust that might have existed in the past in this area. It matters not what their laws are if large sections of their government routinely completely ignore it.
As one of the previous commentators pointed to a related article, we don't see any of the thousands of NSA workers being laid off or any of their equipment being mothballed. So clearly, little has actually changed behind the scenes. It all looks like so much window dressing. I also personally doubt that the Federal administration as a control body has the will or the ability to change anything regarding that situation.
So in order words, this new deal will change very little.