Just keep it. Some people can recite it if they want to, others don't have to, or they can leave "under god" out, or they can stay seated, or whatever. I don't care. I just don't see why we should do away with the pledge just because a few cinical, jaded, fashionably atheistic, quasi-communists feel offended by the very conception of nationhood the pledge represents.
Keep in mind how many flags were flown overhead after September 11th, and how enthusically people recited not only the pledge, but heaven fotbid "God Bless America." They meant a little more than an outdated concept huh?
Another terrorist attack or major war will bring back the popularity of the pledge in its current form, that is certain.