It is time to raise the blockchain size.

[franky1]

Maybe not exactly right now, but in the future we will need it. So ask yourself, what's better, to fork now while Bitcoin is still somewhat underground, or to fork when BTC is huge and all over the mainstream media on a daily basis? exactly.

rather not rush and jump into something without seeing if it causes bugs. i would rather they testnet a version for a few months and work out all the kinks and then release it as part of a full release version 1.0

at the moment most blocks are under half a meg, so its not like its goiing to bloat peoples hard drives any time soon anyways. and the only bottlenecking is down to pool greediness rather than block data limits. so again no need to rush or worry. i think the developers will update it as and when needed/appropriate

[Lauda]

And isn't it closer to 7 transactions per second?

In theory it should be, but in the real world it's more like 2-3 tps.

Wont this hurt bitcoin?

more vulnerable to hacks? 
unless what every one else is talking about is not consistent.

No, it won't hurt Bitcoin nor make it more vulnerable. You could (!) compare this to expanding a storage facility where you store your things. If done properly, there won't be any harm.

Although I'm waiting for the comments how bandwith and storage is expensive.