This bill is great in that email stored on your ISP's (or Google's) servers is treated identically to that on your computer at home-- they need to get a warrant. That's a great step forward. It isn't BS.
Except for one major difference: Gag orders. When a warrant is served to Google to access your email, you may never know about it. If they show up at your home and take your email server, who you gonna gag?
Unreasonable or overly-broad gag orders are one reason I always advocate running your own services whenever possible (granted, this needs to be easier).