It will be watered down
UK, Holland and (potentially) France will water down anything meaningful in the security agency portion to the point where the US Patriot act will look like a pinnacle of democracy by comparison. Similarly, any company provisions that are likely to derail the TATP will also be neutered from the start.
As Eu grows, its rights and "behaviour code" legislation is becoming more and more toothless by the day. In a hindsight it was probably better to keep it to its ~ 1990-es size and kick out immediately anyone with delusions of special needs.