After some initial excitement at the possibility of a Liberal Democrat/Labour coalition, I've calmed down sufficiently to have a more sober judgement on what is happening.
If the leaderships of the Labour and Liberal Democrat parties manage to do a deal, I predict that it won't last. Tom Harris has already declared his clear opposition to any form of electoral reform and has indicated that many other Labour MPs will oppose it. Labour are in all probability in a fragile state following the loss of almost 100 seats. Many of their MPs want to be in opposition, if only so that they don't carry the blame for implementing the tough policies required to deal with the budget deficit. Also, the Liberal Democrats want tax reform - where is the £17 billion that it would take to raise everyone's tax allowance to £10,000 going to come from, when taxation is going to have to increase?
Much as it pains me to say it, sadly maybe the only way forward will be to allow the Tories to form a minority government, while the other parties regroup. I fear what the Tories might do, but they know they are in minority, and they might stuggle to get their more extreme measures through. There will be brakes on them.
As I've reflected on this evening's events, I've begun to feel that it might be time to give up power in a dignified way, and let's see what the party with the most seats and votes can do. They won't last long doing it.