The problem with the bill as I see it..
The problem with the bill is not so much that it allows the security services to monitor the internet, more that it allows the security services to monitor the internet *without* passing the checks required by other communications methods. You can't (in the UK anyway) start listening in on someone's phone. Even if you managed it without being caught, any "evidence" you obtained would probably be inadmissible in court.
Personally, I have no problem with the certain users of the internet being monitored, provided the authorities have demonstrated that they have reasons to be suspicious of those users, in much the same way they are required to do this to tap phones.
The problem I have with this bill (and the actions of the security services in general) is that they are eroding everyone's right to privacy, including tens of millions of innocent people, with the promise that they are keeping us safe from a threat that they seem unable or unwilling to define. This is bad, partly because it is affecting 10s of millions of innocent people, and partly because the only thing the bill will actually achieve is to drive the terrorists they know are presenting an actual threat on to communication systems that can not be so easily monitored, such as Tor. Even if they don't move to any secure internet connections, it's easy enough to download an open source Instant Messaging server to install on your own machine, or open source forum or email server software. While the same IP would show up in any logs kept by the ISP, using Tor or a VPN would mask that.
What are they planning to do next? Restrict our rights to install our own IM or Forum servers? Ban us from installing our own email servers? Restrict VPN access? There are perfectly good legitimate reasons to use all of these.