Did you even read the executive order?
First of all, it has been modified many, many times since Ronald Reagen the last that I can find was in 2008. http://fas.org/irp/offdocs/eo/...
Second, and more to your points, sprinkled throughout the document are statements like, any intelligence collected concerning United States citizens must go through the FBI / Attorney General. This is so they can begin criminal investigations using the tools (read WARRANTS) to gain physical evidence of a crime. And the collection of that data, according to the order, is tangential to foreign intelligence gathering. As an example, here is 1.1(a)
(a) All means, consistent with applicable Federal law and this order, and with full consideration of the rights of United States persons, shall be used to obtain reliable intelligence information to protect the United States and its interests.
This is 20(A):
(A) The Director of the Federal Bureau of Investigation shall coordinate the clandestine collection of foreign intelligence collected through human sources or through human-enabled means and counterintelligence activities inside the United States;
So sticking to the topic at hand, namely that this order authorizes warrantless surveillance of United States citizens, is patently false. That may be the way it is used but that goes counter to the executive order's language.
By the way, the "human enabled means" is the metadata you are talking about.