I wouldn't say my view isnt't biased but here we go.
The canadian constitution separates competence fields that are federal and provincial. Telecom, employment insurance to name a few, are federal. Healthcare, education and culture are provincial.
Quebec isn't getting a larger part of the cake, it simply demands that, because it has two separate income tax systems, it gets back the money that it has overpaid because all other provinces have their income tax managed by the federal government. It's the provinces responsabilities to create their own specificities in their provincial government system. That's the way everyone is happy, with a strong, decentralised federal system that can adapt to local concerns.
We don't have the same mentality everywhere in Canada. Regional differences occur (think about the difference between BC and Saskatchewan).
However, I wouldn't agree that Quebec's economy would collapse after a secession (only angry canadians use the word separate, with it's negative connotation). Quebec's largest bank is owned by the people (Caisses Populaires Desjardins), as well as it's largest pension (Caisse de depot et de placement) fund, as it's largest investment fund (Fond de solidarite FTQ), as it's sole energy provider (Hydro-Quebec). Furthermore, Quebec healtcare is independant from the federal government, and healthcare insurance is free for everyone.
And i'd like to remind you that the only reason you're paying perequation is that you've got tar sands and the US is willing to pay more for non-foreing oil. If wasn't for that, you'd be receiving from us.