This is, in my opinion, an interesting and controversial interpretation of the constitution.
Amendment I
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.
Amendment IV
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
In my mind, clearly the first amendment could not have been violated. These people were wiretapped without their knowledge, hence their speech was not abridged in any way. The government did not keep them from speech, they merely listened to what they were saying without their knowledge.
As to the fourth amendment, I think it is a stretch to say that a phone call constitutes personal property, or in the specific wording of the amendment, an effect (clearly it is not the person house or paper). If a phone call belongs to anyone or anything, it belongs to the phone company. By analogy, if someone taps into my cable to steal it, they are stealing from the cable company. I may not take them to court to sue for the degraded signal - because the signal is not my property.
Furthermore, since when is it unreasonable to be suspicious of people who are conversing with suspected or known terrorists?
Bottom line, your liberties were not taken away from you.
What I will concede, however, is that there is a lack of oversight and no demonstration of its effectiveness. AS is the way with our government, checks and balances must be enforced. Moreover, there is no sense to instituting such a program if it does no good, although not because it is a violation of your liberties - more because it's a waste of valuable resources.
I'd be interested in the actual ruling, does anyone have a link?