Since Tony Blair has stated that he will (probably) stand down as PM before the next election, Labour are almost guaranteed a fourth term in 2009, with Gordon Brown as party leader.
(The Conservative leader, Michael Howard, will also almost certainly step down, so Oliver Letwin will probably be Tory leader then. Charles Kennedy will most probably still lead the Lib Dems.)
Incidentally, my own area, the High Peak, stayed Labour with a much reduced majority:
2005 2001
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Labour: T. Levitt 19,809 (39.6%) do. 22,430 (46.6%)
Con. : A. Bingham 19,074 (38.2%) S. Chapman 17,941 (37.3%)
LibDem: M. Godwin 10,000 (20.0%) P. Ashenden 7,743 (16.1%)
UKIP : M. Schwartz 1,106 (2.2%) H. Price ?????
Labour majority: 735 4,489
Turnout: 66.4% 65.2%
I won't say how I voted, but I'm not a Conservative and I hope God isn't a Liberal Democrat.