I think we can safely negate all of Clegg's statements, given his record on tuition fees and the NHS, and assume that it *will* be rammed through. What's really interesting is the phrasing of some of the rest of the article:
The proposed new law - which the Home Office says will be brought in "as soon as parliamentary time allows"
A senior Home Office source said the proposal "absolutely will not be dropped or even delayed", but its "passage through the Commons is still being discussed".
Let's be clear on this, it's a Home Office policy, like the perennial of the ID cards database; the Home Office will keep trying to push it through no matter who is in power. It is the job of politicians to distrust them and demand proper evidence and discussion. This almost certainly won't happen, but there is a chance that the proposals will get lost in the government's fiasco queue.
(Various people have already pointed out that trying to intercept every webmail-over-ssl website in the world is a non-starter, not to mention every corporate intranet, plus every chat system or point-to-point IP phone; which makes me wonder what the proposals actually are)