Does anything the LibDems do REALLY MATTER?

The yawn-fest that was the LibDem leadership election race is finally over, and the new Leader Sir Menzies Campbell is making a lot of what he hopes, for political purposes, are the right noises. But does any of it really matter in British national politics? I doubt it. Had the LibDems gone for Chris Huhne I might have wondered if the woolly Party was finally beginning to get its act together, but by choosing Sir Menzies they have gone for a 'safe' choice. He is trying as best he can to make his message sound 'fresh', but does anyone outside the LibDem bubble really believe him, and will they care? I may be entirely wrong, but I suspect that talk of the LibDems holding the balance of power after the next election is yet more LibDem wishful thinking. (Trying to extrapolate from the 'parish pump' politics of the Scottish Parliament/Executive to the wider UK situation is a delusion, in my humble opinion.)