What I find most worrying...
...is not the fact they can snoop on everybody without oversight. (That's bad enough, mind you)
What has me worried even more is that there are, let's say, untrustworthy agents/police men etc out there. What if they used access to a target's computer, which was not signed off by any judge (because it no longer has to) to *plant* evidence?
We know that the US are fabricating terror plots to keep the machinery growing and well-fed; who is to say that the same couldn't happen in the UK? And uncontrolled access like that would make it damn easy.
The separation of powers is getting more and more blurry. "In dubio pro reo" no longer applies (especially when a very very remote link to terrorism can be drawn -- intending to buy a flight ticket to the middle east is probably good enough these days).
I'm truly concerned about the world my daughter will grow up in.