Time to update the Constitution?

A friend of mine on Facebook posted this
http://globalpublicsquare.blogs.cnn.com/2011/06/19/is-it-time-to-update-the-u-s-constitution/?hpt=wo_r1

Is it time to update the U.S. Constitution?
In 1787, delegates from twelve of the thirteen states under the Articles of Confederation met to revise a document that was out of sync with the needs of the nation. But instead of revising the Articles, they started anew, drafting the U.S. Constitution.
After a period of debate, revision and ratification, the Articles officially ended and the Constitution came into effect in 1789. The first Congress met. George Washington became president. And 222 years ago, the Constitution became the supreme law of the land.
Has the time come to revisit the document?
America today is quite different from the America of yore. Meanwhile, other nations have updated their constitutions successfully, bringing them more in line with modern democratic representation, for example.
On the other hand, the Constitution enshrined timeless principles of liberty and justice. The document's longevity is itself testament to its lasting value. Would it be a mistake to tinker with such a success script?
What do you think? Should the U.S. Constitution be updated and if so, how? What amendments would you recommend?

The only amendment I would propose is a balanced budget every year!

I would rescind EVERY Amendment after the original 10 that make up the Bill of Rights! Then I would draft up something more concrete forbidding a fiat monetary system, then a balanced budget Amendment wouldn't be needed.

I think the Constitution can and will stand on its own legs in our days. The Founding Father's didn't just whip some shit out of their ass at the last minute, it was a carefully thought out, debated process. Personally, I think it's a travesty to say that it's old and needs to be revamped. I feel our Constitution is much like a classic car. Sure, it would be cool to modernize it, but it is infinitely cooler to restore it to its original specifications.

However,.... There are things that I would like to see changed in the amendments.

And, I'll second the abandonment of a fiat monetary policy.