If the Lib-Dems went now, they would be massacred. Labour have not provided a worthwhile offering - look how the Tory vote held up, largely.
I agree that it would be likely Tory in terms of a majority, but the fear would be the rise of the BNP etc.
The best policy for the Libs is to pray that there is a serious economic turn-around, and on the very large assumption of major global or EU economic disaster, I feel that this is not far off and we will shortly see a move to major economc advance. What is going on now is the last rites on cleaning up the balance sheets before really adding the value to reflotation over the next two years.
One fact that I picked up on....Q4 GDP in decline (just - and re the weather). Tax revenues in Jan up 16% over forecast......odd and incongruous perhaps to what is really going on.
The old saying of "watch this space" and they may not like it, but the Lib-Dems have to be committed to making the coalition work, and overall they together are not doing a bad job of sorting out the mess that Brown/Blair/Darling and their mates left the UK's "credit card" in. (Not saying that it is perfect and that it could not be improved but a damn sight better than Labour performance, especially in their 'latter' years.