The question now is whether – failing a Lib-Lab coalition – the Tory leadership is more inclined towards a confidence and supply deal than they were before. Because if the actual levers of power start to recede from Clegg's grasp, then his party may start to look more closely at their underwhelming election performance.
UPDATE: Speaking to the BBC, Michael Gove has just said that a Lib-Con deal would involve Cabinet seats for Liberal Democrats. So it seems as though the levers of power are still within Clegg's clutches. But, as I say above, fewer people will be happy with this than a couple days ago.