I have two bins. One for recycling glass, plastic, cardboard, paper etc and the other for true waste.
I have a fortnightly collection with each bin collected alternately and I can honestly say that neither of the bins has been full to overflowing and, in fact, the one that usually contains the most is the recycling bin. The bins shut properly and I have never noticed any smell or had any problems with rats/mice or flies.
In summary I have no problem whatsoever with fortnightly collections and, when we are supposed to be having cut backs on public expenditure, think it would be wrong to even reconsider weekly collections.