Judging by the mood music on the post-election live blog, we're getting a Liberal-Conservative coalition, or alliance of some sort.
Lots of Labour politicians are against a deal with the Lib Dems. They argue that the mathematics is against Labour, that a deal would be unstable, or that 'the people have spoken'.
I think these people are insane, or cynical. If cynical, it's because they want the Tories and Lib Dems to inflict the massive cuts supposedly needed before a quick second election follows the inevitable collapse of the coalition, leading Labour to clean up. These idiots want a few months out of office to grab the leadership and cabinet jobs for themselves. They don't want to do anything radical with electoral reform because they're in safe seats.
I think they're insane. The only reason to be in politics is to be in power. There's no point having ideals unless you're ready to put them into action. Refusing even a few months in government suggests that you're tired and out of ideas, or that you prefer political manoeuvring over making life a little bit better for your citizens, however limited.
They need to rediscover conviction. If they have better ideas than the Tories, if they think they can do the country good, it's their duty to grab control of government and hold on as long as legally possible. I'd like to see the current Cabinet retire to the back benches and shut their faces: discredited, broken hacks all, obsessed with triangulation, personal fiefdoms and last decade's personality wars. Their job now is to seal the deal with the Lib Dems, then mutely vote Aye to every proposal put forward by a new generation of motivated, dedicated leftwing parliamentarians until the Tories are dead and the country renewed.
Brown, Balls, Straw, Mandelson, Blears, Harman - the lot: shut up and sit down.
Update - journalists seem to think that Labour has given up on talks with Lib Dems (and here). Luggage being removed from Downing Street, presumably Gordon's. It's all over. The Tory boot will be stamping on our faces for the foreseeable future.