Balloon Juice does a close reading of the text:

Starting off, Marty Lederman has explained the limitations of the six-month “sunset” clause much better than I did a few days ago:

Although section 6© provides that the operative provisions of the Act “shall cease to have effect 180 days after the date of the enactment of this Act,” i.e., on February 1, 2008, there is an express exception in section 6(d), which reads as follows:

AUTHORIZATIONS IN EFFECT.—Authorizations for the acquisition of foreign intelligence information pursuant to the amendments made by this Act, and directives issued pursuant to such authorizations, shall remain in effect until their expiration. Such acquisitions shall be governed by the applicable provisions of such amendments and shall not be deemed to constitute electronic surveillance as that term is defined in section 101(f) of the Foreign Intelligence Surveillance Act of 1978 (50 U.S.C. 1801(f)).

Thus, “acquisitions” authorized by Attorney General Gonzales will be permissible for one year, even if that period extends beyond the ostensible February 1, 2008 sunset date. I think it’s fair to assume that the Attorney General will authorize a system of such acquisitions on or close to February 1, 2008, which will mean that the warrantless surveillance can continue until . . . February 1, 2009, or twelve days after the next President is sworn in.

Oh gawd, it's worse than I thought again. Balloon Juice summarizes the awfulness and gives a highly relevant scenario: