The Lib Dems can set up in competition either with Cameron, or with Brown. The latter will be more profitable politically, in terms of winning voters, and seats at Westminster, as Labour is constantly over-riding the views of its left wing, and there is a natural gap in the market.
The LD membership will function better under Huhne, and the Party would not become another artificial creation like New Labour where the leadership offers a set of policies not believed in by its members, in order to cover more political turf.
If the Lib Dem try to be yet another middle ground party under Clegg, they will serve no useful political purpose, and their support would rightfully fade further. Who would be interested in a me-too eurocast version of David Cameron? If the LDs instead had a europolemic version of Nick Clegg, that could indeed pose a threat to Cameron, but there apparently isn't such an animal in the Lib Dem menagerie.
Huhne offers a raison d'etre for the Party, a place for left wing voters to go, with New Labour abandoning any pretence at left-wing convictions or beliefs.
He has stopped the election process from becoming completely dull and uninteresting, by going for his abandon Trident pitch.
The LDs could quite possibly become a new home for Labour's left wing - their traditional hunting grounds - except that most Labour Left are europolemic, while Huhne is eurocast.
It's a shame there is not one europolemic candidate for the LD leadership. Then the contest might actually have some bearing on Britain's future. Instead, it is merely a piece of theatre, obscuring the fact that Parliament is shortly to be without purpose - if Gordon's ratification plans succeed.
This is a game of irrelevance, where nothing in reality will ever be affected, and yet for some reason, we are made to follow every little dip and rise in the candidates' progress. On the other hand, the real business, which is happening on the QT, destroying the Sovereignty of Parliament, proceeds with hardly a comment.