Awlaki and the CIA Hit List -- Should US Presidents have the right to target US Citizens for assassination without any judicial review?

I know we live in dangerous times, and we want someone to protect us. But at what point does yielding constitutional protections to the Executive put us at greater risk than just living in a world with terrorists does?

I can see both sides of this issue. With Awlaki hiding in Yemen, it really isn’t practical to send Federal Marshals out to arrest him and bring him to the USA for trial. But what if this president or some future president decides to take advantage of the power to declare someone a terrorist threat to the USA to begin eliminating political rivals? History is full of politicians who have used such power in exactly that way. Why should we believe the USA is immune to such men?

Here is the pro-presidential-powers argument
and here is the con-presidential-powers argument.

Should the President have the power to assassinate anyone, citizen or not, once the Administration declares the person a terrorist—no judicial review? Should Presidents not have the power solely within the executive branch. Do you think there needs to be judicial review of such decisions? Or perhaps you have an alternative not mentioned. What’s your opinion?