I think it's what the Attorney General called “a remarkable national consensus”.
Somewhat to my surprise, during the process of negotiations I learned that privacy advocates are generally not out to shut down business; they're not out to harm the economy. I hope they understand, and I believe they learned through the process, that business respects privacy and that good privacy practices support consumer confidence in doing business with you and are good for business.
I take quite the opposite view. I think the strength of PIPEDA is in the fact that people came together and learned from each other to create a document we could agree on. The 10 principles that apply no matter what the situation is, no matter what the technologies are, and no matter what the evolution of media is, are going to stand us in good stead for a long time.