I don't want to become a prophet of doom for the Liberal Democrats, but today's ICM poll putting the Tories on 39pc, Labour on 35pc and the LDs on 17pc makes very grim reading.
As political betting guru Mike Smithson points out, there is now evidence that we are returning to an old-style two-party battle as the prospect of a tight election race in 2009/10 draws closer.
"For the first time in a decade and a half there is just the prospect of a Tory General Election win and it is this that might be keeping Labour stable and squeezing the Lib Dems," says Mike.
Furthermore, things could get worse before they get better. The Guardian's piece on the poll outlines a "nightmare scenario" in which Ming's conference speech bombs, new left-right splits emerge over "Orange Book II," and Charles Kennedy pops up to remind us all he ain't finished yet.
The sole silver lining to all is that Cameron is only four points ahead of Labour whereas he will need to be eight or nine points ahead to win a parliamentary majority under the current system.
Cameron is therefore likely to need to bring Campbell into a Tory-Lib Dem coalition - which would be fine if it wasn't for that the fact that Campbell would much rather go into a coalition with Gordon Brown.
I don't want to harp on - honest - but in the difficult electoral circumstances in which the Lib Dems now find themselves, it seems vital to me that the party has both a clear, distinctive message and a popular, charistmatic leader.
Currently, it has neither.