I think it'd be suicide to revalue the BTC now, and it'll cause problems with people who don't upgrade old clients. Now that Bitcoin has been featured in Forbes and The Economist and people are trading at $20, this isn't very early days anymore.
This!
People use millilitters and milligrams, what's the problem using millibitcoins? Rename it if you want but we can't change BTC value
Agreed.
Any change in the definition of a bitcoin would be suicide.
Repeat after me: There will never be more than 21 million Bitcoins. Ever.