If parliament is hung, this is a once-in-a-generation opportunity for the Liberal Democrats to get proportional representation (or at least a referendum on it), which will improve their future seat counts. However, the Conservatives don't want PR at all. Also, if a Lab-Lib coalition doesn't form, the Conservatives can form a minority government and Labour and Liberals won't dare try to throw it out with a vote of no confidence, knowing the electorate will spank them for triggering a second election.
Labour and Liberals need a coalition, Conservatives do not and Con-Lab will never happen. Also, after reading the manifestos, Liberal policy is closer to Labour than Conservative. I give it a 75% of some Lab-Lib coalition and 40% of such a coalition with the condition that Gordon Brown resigns.