Personally I'm very pleased with the Lib-Con alliance. I think its the most democratic result our dysfunctional, democractic, system could possibly have provided us.
And as much as I disliked it, there was something "pleasent" about having Gordon Brown as PM 5 days after he had loswt the election, whilst meanwhile the Conservatives were forced to defend our current political system (against the Lib-Dem's calls for reform!!!).

However there are three things I'd rather not have been born to see...
1. Reduction in the number of MP's to save us all about 20p, each a year, and (of course) to reduce the number of Democratic representatives we acturally have.
2. AND: The idea of fixed term pariaments,
3. AND the idea 55% of Mp's (rather than 50%) should vote, to dissolve, a parliament.

On the Upside...
A major reason why the Lib-Dems weren't electable was because they were to the left of public opinion. This is changing now they have been given just a bit of power. In fact it was for powers sake they went "left wing" in the first place, when they changed their name from the Liberal Party, to the Liberal Democratic Party (after they took-in members from "Old" Labour. Guess things are going to change, some more?
Meanwhile, in Europe (with its new wave of regulations against the City of London, the busted Euro, and various other things) seems to be doing everything it can to convince the Lib Dems-Toryies to transition away, from being pro the European (anti-democratic) Union.
I am espically pleased that the Lib Dems will get to put voting reform to the English public. If we don't accept it, at least we can always blame another-media we sponsor (which is a lot better than having to blame, a deaf Con-Lab government!).