After lurking enough on these forums and reading recent arguments,
I figured that raising the limit to 8MB is a our best chance at reaching consensus.
Pros:
1) Easy to implement in the situation when most of the developers disagree. Good for SW decentralization.
2) Static limit will stay the same over time while technology continues to improve. Reduces the risk of network instability.
3) Good for robustness of the system as the limit is known at any given moment and can be easily verified. Less obscurity.
4) Big enough to not let the competition gain momentum, but safe enough to not let the network fall apart.
5) What seems like big blocks today will become small blocks in the future. Should satisfy both camps.
Cons:
1) Will have to be adjusted down the road. However, a good precedent now will make it much easier than the first time.
2) Big blocks are currently untested. However, an occasional big block will likely get orphaned for any foreseeable future.
This thread is for those who are interested in contributing to the creation of the client,
which will have the new limit built in together with the activation code that enables it after a certain block (somewhere around year's end).
In the situation when development team is split into supporting two radical approaches neither of which represents the idea of original Bitcoin,
we need to form a small contingency group to help Bitcoin get through this uncertainty with the most simple and robust solution.
We need a few members in good standing who can built the software, cross check it and share it with the community.
The best coders that join this initiative will begin shaping up what can be called a Future Crew of Bitcoin.
I personally have never built the client, but will be interested in setting up the environment and doing it myself in the upcoming days and weeks.
However, me alone doing it will not solve the problem as it would require trust from the community, so we need some members with reputation here.
This Battle needs to come to an end in order for us to move forward.
You are welcome!