Including the words "Under God" is clearly giving recognition to a monotheistic deity who is "above", this isn't permitted it is clearly a law "respecting an establishment of religion" and kudos to Michael Newdow in this respect.
Hell yeah. Some Colorado students finally take a stand.. That pledge is completely unconstitutional and having worked as a substitute teacher in the past I can attest to the fact that it's largely ignored and when it isn't it's just annoying. Most of the students don't even stand when it is even read, and when they do they don't bother to say the thing. And frankly, since nobody seems to care, it's unconstitutional to make them care (unconstitutional in a different way).
I believe that because West Virginia State Board of Education v. Barnette was decided on free speech grounds (the state has no right to compel speech) nobody has to recite the Pledge. And, as nobody is really upsetting class by nobody doing anything (and as standing up counts as speech)... I don't think students can be compelled to care if they don't and nobody minds that they don't.
In the Colorado case, I love the suggestion of holding it in the auditorium during lunch. I could think of nothing more optional or more useless.