Interesting - but if I get this right, it doesn't protect the actual stuff the NSA is collecting. That would be the IMEI, cell tower, the number called, etc. This info would have to be unencrypted, or at least decoded by VZW for the tower to let you on to the network. I don't see a way around that.
Of course they will collect all your data, but the data will be garbled. They would have to know what key was used to generate the specific encryption process, and there are *a lot* of keys. They would have to try millions of public keys to decrypt the cipher text, and they'd have to do that with each encrypted message, so it'd be theoretically possible to find out your original (plain) message but practically impossible for so many reasons.