"Clegg has said all along he would only form a government with the party with the most seats/votes."
I thought he said that discussions would start with whichever party had a majority of votes.
If the "price" for that is
a) fixed term parliament
b) proportional representation
Then the effect would be to hold the Conservatives over a barrel, as neither of those would go down well, but if given that ultimatum, DC may turn him down.
There are analysts saying that a Lab-LibDem pact is also unworkable.
Perhaps it is far too early to discuss. NC will be disappointed in what has happened so far, and refused to be filmed on the train down to London, which seems a sensible idea, as there will no doubt be many discussions with MPs of the party to firm up the options so he's in a position to know the majority of MPs would go with any agreement.
I'm glad things have worked out this way. It may mean short term chaos and does look likely to see real electoral reform.
I'd also like to see a change from a Thursday voting day - it would mean that most problems at the polling stations would be avoided.