It's just another lightweight effort, ill-conceived and minimally considered.
Remember TIA - Total Information Awareness - headed by convicted felon John Poindexter? Once the logistics are seen and costs associated with this strategy, it'll die a natural death. It would take an infinite number of data monkeys at an infinite number of workstations an infinity to sift the data streaming over the internet in only a single week into something useful.

"Where is the Life we have lost in living?
Where is the wisdom we have lost in knowledge?
Where is the knowledge we have lost in information?"
from T.S. Eliot's, "The Rock"

If this goes through, it'll soon be evident that those wishing it will be unable even to find information in the data gathered.