I'm with Liberty on this one. The mass collection of personal data/communications is fundamentally wrong in a free society. Government intrusion into our private lives should be kept as small as possible, be it telling us how much we should eat, drink, smoke up to reading our private correspondence. If that cost is a raised possibility of a terrorist attack then so be it.
It's also interesting to note that the two statements quote both start with the word if. It appears that that there is no evidence that bulk collection actually works, just supposition.
Sorry but if the majority of the public are happy for their communications to be monitored on the off chance that an attack gets prevented then I fear they really have turned into sheeple. And that's a word I abhor.