I don't think anyone should threaten a second American Revolution in 2011, for the following reason: In a word, Precedent.
If we want it to be lawful (and it must be lawful), a Declaration of Independence would have to wait until Jan 20th, 2013. And, more importantly, we could not participate in the federal elections of November of 2012. Until that time, we are bound under the Constitution, since we and our States have participated in the Federal Election, and anyone declaring Independence before then would be found to be in a State of Rebellion, not Independence.
This was a central point during the Civil War, and a major legal justification for the Federal government's actions. That is, since the States of the South had participated in the Federal election of 1860, they couldn't just "change their mind" when the election didn't turn out their way. They had in essence signed a short term contract for at least two years under the current administration.
Of course, 2013 seems to soon, in a way. I would think we would want at least one more chance at a Federal Presidential election, before taking any drastic steps. Also, I think a Constitutional Convention would also be in order somewhere in there. It's not as catchy, but I think the path forward should look something like:
1. 2010 Elections (These are to prove to ourselves whether the Republicans are really willing to fight this battle, more than anything else)
2. 2012 Elections (This will be the game changer. If this doesn't put a Constitutional candidate in for President (assuming there's even one to vote for), then:
3. Process to hold a Constitutional Convention begins, to be held *before* the 2016 election.
4. If the Convention fails, begin discussion of new Declaration of Independence.
5. Boycott the 2016 elections, both personally and with as many states withholding their Electoral College slates as possible.
6. Sometime *after* the Jan 20th, 2017 swearing in, a Declaration of Independence is announced.
This assumes we have anything like a country left by then, but that's the point, isn't it? A Declaration of Independence means we're for all intents and purposes starting over from scratch. And more importantly, starting over in the right and lawful way.