One cent per transaction is still a "very low transfer fee".
Not in Africa or South America it's not. They still charge deposits on glasses and glass bottles. If they can't afford to pay the >$0.05 fee they take there drink in a plastic bag. It's OK for all you early western adopters with BTC1000's balances who want to see $1,000 a coin but above $0.001 transaction fee is expensive. Bitcoin needs lots of small very cheap transactions not just a few expensive ones.
I know a lot of you want to make bitcoin in to the new virtual eGold thats is very expensive and makes you rich but the bitcoin economy would be a lot better if it could include the transactions of developing counties.
lower transaction fees = more transactions = bigger economy or you leaving that to lightcoin/altcoins to take bitcoins role
Okay, then let's reduce the default transaction fees. Done. There's no need to completely revamp the Bitcoin protocol, hard fork every client in existence, and change the very definition of the word "bitcoin".