Today I have signed into law H.R. 1540, the "National Defense Authorization Act for Fiscal Year 2012." I have signed the Act chiefly because it authorizes funding for the defense of the United States and its interests abroad, crucial services for service members and their families, and vital national security programs that must be renewed. In hundreds of separate sections totaling over 500 pages, the Act also contains critical Administration initiatives to control the spiraling health care costs of the Department of Defense (DoD), to develop counterterrorism initiatives abroad, to build the security capacity of key partners, to modernize the force, and to boost the efficiency and effectiveness of military operations worldwide.
President Obama issued a 'signing statement' on 12/31 before he made this bill a law, during which he directly addressed the "serious reservations" he had regarding the possible magnitude of this particular piece of legislation. He has a point: the impending deterioration of the Bill of Rights is somewhat concerning.
If you are STILL are unclear about the ramifications of the NDAA, check out this site for some quality mythbusting.