Experts are saying that if you look at all the issues facing the negotiators the odds for success are really not very good, unless Europe gets steamrolled by the US.
The range of serious differences include: agricultural disputes over things like genetically modified food, chlorinated poultry and regulatory questions about financial dirivatives, pharmaceuticals and car safety, just to mention a few.
Adding to the worries in getting such a deal off the ground is that the Europeans have serious doubts about the sincerity of their American counterparts, given the recently disclosed massive US spying activities on Internet and telephone traffic, compromising European Privacy laws. This by itself could probably turn data privacy into one of the most important issues of these negotiations.
As Friedrich Nietzsche said: “I'm not upset that you lied to me, I'm upset that from now on I can't believe you.”