This has been reviewed by merchants, miners and exchanges for a couple of weeks, and has been implemented and tested as part of the Bitcoin Classic and Bitcoin XT implementations.
Constructive feedback welcome; argument about whether or not it is a good idea to roll out a hard fork now will be unproductive, so I vote we don't go there.
Draft BIP:
Summary:
Increase block size limit to 2,000,000 bytes.
After 75% hashpower support then 28-day grace period.
With accurate sigop counting, but existing sigop limit (20,000)
And a new, high limit on signature hashing
Blog post walking through the code: