It seems we're entering a period where .01 bitcoin actually represents a decent amount of value, and rising.

I think this is psychologically limiting people, who feel they are moving around '.01' of something that was roughly what 1.00 was last year. This situation wouldn't be too bad if bitcoin was actually a known currency, but when people are fighting to grab a few bitcoins, I think there's an impediment to getting people to trade values of .1-.5 and such, so redenominating the currency would hopefully spur more usage.

I think it should be shifted two places to the right. This means that if bitcoin ever achieves trading parity with the US dollar, it would only need one more such shift, and if something only needs to be done twice, that's a good thing in my opinion.