Interesting concept really. More so from the fact it could be done than from any benefit. I don't think there would be any serious effects for those of us on Earth if the belts went away, a little more radiation comming into the atmosphere probably.

While I certainly am no poster boy for environmentalism, the word "caution" comes to mind--strike that--the word "are they nuts?" comes to mind when discussing drastic alterations in a planet-wide characteristic of the Earth that has been largely stable for a billion years.

You do know there is another Tom Brosz here, don't you? ;)

What happens when the Earth's field flips? Does it go away for a while? Where do the belts go then?

Yup, buh buy belts. It's not as if a switch is flipped and they just blow away in the solar wind. The Earth's field won't ever change that fast (hopefully...). The state of the belts (size and scale) will evolve with the dipole moment of the geodynamo. If ever there are irregular aurora all over the globe(as speculated on Nova), there ain't no belts to speak of.