As far as I can tell, he still has absolutely no theme - or vision of what Labour can achieve in a time when there is no money for more public spending.
I understand that he can't detail policy - after all, he disagrees with half the PLP, including Alan Johnson, on policy, and less snarkily, it may be politically unwise to reveal his hand too soon anyway.
In my mind, his biggest problem is that he doesn't even seem to be able to articulate his values though. In the leadership election, it was pretty clear: he was quite a lot to the left of centre. Now, though, it is totally ambiguous. He knows that he has to tack to the centre for credibility, but doesn't, at a gut level, understand how. Like Gordon Brown, he just doesn't "get" why 35% of the population ( far more than just the toffs) votes Tory.
The bit where he was asked what the squeezed middle actually was on the Today programme was hilarious.