There is no way this Snowden guy is on the level.

[Benton D Struckcheon]

48. No, that is simply not true

It's communication logs, and it's not clear even that all of them are gathered (I doubt it seriously) or what exactly the scope is yet. What we do know is that if the logs show something suspicious, THEN they need a warrant to go further than just the metadata.
More info is gathered about your movements if you go to a bank to withdraw money and the camera records you going in and out. That's not metadata, that's an image of you doing your business.
Further, just FYI, if you have an IP you can't actually narrow down the location of the IP address any further than the location of the ISP the computer is using. That's a pretty large area. In the case of the person who was caught trying to bomb the NY subway, all they knew from what the NSA gathered was that some computer located in Aurora CO had communicated with a known dropbox of Al Qaeda's principal bombmaker. Everything else was gathered via normal investigative procedure backed by warrants.

It's early days, don't jump to conclusions. There's a lot we don't know yet.