The thing that Labour have to fear most in next weeks elections (especially across London) is turnout. As far as I can tell the Labour vote is not going to meltdown through defections to other parties but instead just dissipate by not bothering to show up. The number of people who I speak that are down on canvass sheets as Labour that have said "won't be bothering mate" is genuinely worrying. Obviously it's not worrying from my Tory point of view, but from a purely democratic one it is.
There are some people I know who are geuniely convicned that 2006 is going to be 1968 again in London. I doubt that personally, but I do think that power across the city is going to shift dramatically our way, the real question is whether we do it by breaking through or whether we just come through the middle because Labour supporters stay at home.