Re: Please explain this.
I think it's trying to say:
"We will keep a history of all connections by default. We will trawl this history whenever we feel like without a warrant and if we find anything interesting, we'll get a warrant to look at any new content"
So, it's storage of connection records and access (on demand) to new content. Historic content is not stored by default, but you can put a warrant in place and then just hit "Save".
As someone said above, goodbye end-to-end encryption...