It's going ahead:
http://www.bbc.co.uk/news/uk-politics-34715872
Rumors are, via
Guardian Live Blog, that they're going to put 'friendly' people in the committee that will examine the bill as that is where it fell apart last time.
Also it's not super clear but it appears the police will be able to see the domains you've visited, when you did so and the applications/protocols you used without a warrant and further investigation will then require a warrant. Quite how they'll access some of this content isn't clear to me, the ISPs can't store a lot of that, nor is the Governments encryption thing clear either.