The problem is that Obama himself has acknowledged the program both exists and is very active, the only limitation being 'Internet monitoring is only for those outside United States'- no comfort for Google users like myself outside the US[1].
I don't mind targeted surveillance against genuine suspected terrorists. What frightens me is broader intelligence collection especially commercial intelligence. Over time programs broaden and if we're not really, really careful we'll find gmail being read by intelligence analysts who can brief our US competitors.
If non-Americans can't trust Google with their information that is an existential risk to its future. I think the Google leadership needs to do a lot more than this one short post!
[1] From Obama's comments:
Now, with respect to the Internet and emails, this does not apply to U.S. citizens, and it does not apply to people living in the United States. And again, in this instance, not only is Congress fully apprised of it, but what is also true is that the FISA Court has to authorize it.
So in summary, what you’ve got is two programs that were originally authorized by Congress, have been repeatedly authorized by Congress.
That seems pretty clear - there is a congress-approved spying on non-US citizens Internet and email.
EDIT: added Obama quote