It strikes me that what will happen is probably very similar to what has happened re: the Liberals and Conservatives here in Canada. It's a somewhat different system, but the general situation seems a lot like a re-run of what we saw here in 2006. The party in power had been there some while and public opinion of them had gradually been going downhill, so when general election time came around the Liberals got kicked out and the Conservatives formed a minority government. Despite it being a minority they've successfully (for them) metagamed their way through the last two years to hang on to power despite a slew of decisions which most Canadians I've talked to disagree with.
Meanwhile the Liberal party were unable to elect themselves a charismatic enough leader to seriously fight back and so we're stuck with a government definitely worse than the previous one, but with no serious option to get them out any time soon.
Of course one could say that the British situation now is also analogous to the situation with Major in the early 90s.
Meh, I don't like Cameron (which is not to say I particularly like Brown either) and I think when he (I think virtually inevitably) takes office at the next election a lot of people who currently think they like him will be disappointed that he's no better and not even significantly different from either Blair or Brown - all the people who blame the Labour government for Britain's woes will just carry on blaming the government, it'll just be a Conservative one.
However, more... concerning (?) is Boris. The man is infamous not for being the butt of jokes, but simply for being a joke. The reason they loved having him on HIGNFY was that you could literally guarantee he would do or say something that would have damaged the reputation of the person performing the action, except that it's not as if he really had a reputation that could be hurt by that kind of thing in the first place.
Then again, what do I know - I've never lived in London and I don't even live in the UK any more. Still, I do try to pay attention to what's going on in limey-land.
I really, really, really want one for when I go to Canada in December - but as it'll be in the region of -10 to -20 C I doubt i'll get much chance to wind folk up with it :((