Ok, so we were in with a shot of helping form a government. And then it turned out that Nick Clegg was just squeezing for a better deal with the Tories.
Well, perhaps it's for the best. Labour needs some time to reflect, and perhaps John Reid was right, it was too much clutching at straws.
However, if there is some comfort we can get from this situation, it's that Cameron has taken a massive gamble on his party's future, something which in their rush to fawn on the new government the British media seems to have forgotten. Why?
If the vote for AV (which, don't tell me otherwise, IS a form of PR or, at least, a system which more closely follows share of the vote) is won, the Tories could be out of power permanently. It ultimately boils down to what Tony Blair tried to negotiate with Paddy Ashdown (and then thought better of), but the principle remains: in all elections as long as anyone can remember, the Tories have had a minority of the vote compared to the sum of Labour and Liberal. So, if the vote is won, they could be out of power for a generation, if not forever. The smarter members of his own party are aware of this, which is why they have always been solidly against PR.
And, finally, if the vote is won by the Liberals, does anyone really think the coalition will hold till the end of the Parliament? Of course it can't, because if the people have decided they want PR, and the incumbent government probably wouldn't have been formed if PR was in place, then it pulls the rug from under its legitimacy. The Libs press for an immediate election and, hey presto, the Tories lose.
This scenario isn't certain, of course - it depends on a lot of things - but if it were to happen, Cameron would go down in history as the man who destroyed his party, like Lloyd George and McDonald before him, and in the case of Lloyd George it never recovered - until now.
Not a great result for the "new politics", eh? Watch this space.