It's sad that they're so afraid of letting the public decide for themselves. They seem to have forgotten the meaning of democracy. The even sadder thing is that if they bothered to actually explain what the treaty entails, and discuss any changes that might be needed to make it acceptable if it wasn't already, there probably would be little risk of a no vote were it to be put to the test. Hell, the truth is that in many ways it's already a good treaty, even from a eurosceptic's point of view. For one thing, for the first time it specifically allows countries to leave the union.
Among other things I have no argument with are the charter of fundamental rights (it's good to have an extra check on national governments that might be tempted to employ less-than-humane methods or start to trounce people's rights. Interestingly, the UK is excused from this, so they're free to oppress their citizens), the stuff about global warming, and the increase in power for the EU parliament over the EU council (The MEPs are directly elected by each country's citizens... the council members are not necessarily elected anywhere at all. Win for democracy). All that stuff is fine in my book.
Then there's the stuff that does nothing at all, like the formation of offices for "president" and "foreign minister". Sure, the titles are new, but in reality they're just combinations of existing offices so the net effect will be a few commisioners less on the payroll.
Unfortunately there's also the bad stuff. Mainly, the qualified majority that can now overrule a fairly significant opposition on most proposals. There are still a few things that require unanimous approval, but not many. Now, as bad things go, this one is really bad. If there were oversight by the EU parliament I might go for it, but leaving it to the council means a significant risk of all kinds of measures being railroaded through despite considerable opposition. For this alone, I'd vote no had our government not also chickened out and refused a referendum, but on the other hand, were just this provision removed, I'd almost certainly have voted yes.