I like how Lucky Forward's link is rife with speculation as to why insects could never grow to be that large, yet fails to account for the fact that, in order to achieve such a great size (and to thrive at that size), these insects would undoubtedly possess various evolutionary adaptations that they presently do not; this fact alone negates most of the claims made. It's like saying, "hey, what if humans lived on the bottom of the ocean?", and then someone points out that our skeletal system (or soft tissue, or anything, really) could not support the increased pressure. Well...duh. 
Way to kill the fun of imagining it, there, Lucky.

Way to kill the fun of imagining it, there, Lucky.