What if Scotland became independent?

Land of William Wallace and Robert the Bruce. Kingdom of the Picts. Country of rolling mists and the still waters of the lochs. The romantic notion of Scotland making a bid for freedom after centuries of repression by the English must certainly stir the (brave) hearts of many a Scot.

The question is, what would happen if Scotland really did leave the Union? Does the case for Scottish independence stack up, or is this a triumph of hope over harsh economic reality?