On reddit, Gavin has responded favorably to cryptodude1's proposal that Bitcoin's 10 minute block interval be reduced to 1 minute.
If it is done at the next block reward halving (about July 2016) the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit. Difficulty would be
reduced by 10x.
http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0gI think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.
Just in case his reddit account was used while his back was turned and the comment is changed, here is a poll in the meantime. Vote away!
Edit3: FWIW, I think that it is right that people should be encouraged to provide ideas, and not be stamped on for it. The technical arguments lean against 1 min blocks and interestingly the "wisdom of the crowd" is playing out in this poll. The vote so far confirming the technical view that this change is undesirable.
As people comment in this thread I will update the PROS and CONS list....
PROS
Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a couple/few more years as the network will
theoretically be capable of 30tps instead of the existing 3tps throughput.
Edit1: Not much of a pro because confirmation delays will likely occur in early 2016 which means the max block size needs addressing before the next halving.
CONS
Increase in block orphan risk for miners.
Edit2: Centralization of mining to well connected (large) miners & pools.
Significant increase in wasted hashpower.