It depends on your definition of giant.
I mean, what do you consider giant? Like the size of a cat or something? Or do you mean like Harry Potter Giant Spider size? It doesn't matter though
because a spider is not an insect, it's an arachnid, but you get my point.
At any rate, an exoskeleton limit can be much larger than many argue. Look at crustaceans such as a lobster. Just recently there was a bunch of hubub
about a giant lobster weighing 22 pounds. It was huge. Crustaceans have an exoskeleton and can grow to enourmous sizes.
No, I'm not saying a lobster and an insect are the same thing. One obviously lives in water and therefore has a different set of physics that
determin many growth factors. However, I do think it is possible for various insects currently alive to become much larger than they currently are.
One only has to look at the common cockroach. In many locations in the United States they can commonly grow to over three inches in size, with
measured to be as big as five inches. An exoskeleton allows for extreme growth in short genetic lines, meaning only a few generations are needed to
modify the size and lifespan of an insect.
For more information on how quickly insects genetic makeup can be changed, look at the study on the lifespan of the fruit fly.
www.mercola.com...
There is some interesting stuff here about grow rate in insects and how it relates to life span.
All in all, I think it will be possible, given the right circumstances, for large insects to once again roam the earth.