I agree that the Act would be mere window dressing.
I go further and say that the FISA so-called court (Foreign Intelligence Surveillance Court) is definitely unconstitutional/illegal and should be disbanded immediately. All requests by the CIA, NSA, FBI, etc., should always go through regular/legal federal courts, and there should be no general warrants, which means no dragnet operations of any kind except under emergency reasonable suspicion and emergency probable cause concerning the individuals and property involved and except in times of imminent existential threat to the nation.
For instance, it was not illegal to set up a roadblock to search all vehicles leaving an area where convicts recently (hours) escaped. That's reasonable that law enforcement would under take such measures to catch the escapees, who may be armed and dangerous. We've read about such escapees murdering innocent people.
My feeling is that if the Act were to pass, it would retard needed real, systemic, dramatic reforms (such as disbanding the FISA "court"). I don't always stand opposed to incremental reforms, but in this case, I do. It's even debatable whether it's reform at all, even incremental. I do that because the police state we have been allowing to be created is way too arrogant, powerful, and power hungry and needs to be shut down or the US will slide further and further into dystopia. It's already a lawless regime. Bush and Cheney most certainly should have been impeached and removed from office for torture and other high crimes and misdemeanors (Cheney has no remorse, saying he'd do it all again while Barack Obama covers for Cheney), and Obama and Biden should be now. Obama has retained James Clapper after Clapper blatantly lied to Congress and the American people and then excused himself. That alone is grounds for removing Obama/Biden.