Let's suppose an election is held a few months from now and the Conservatives win a majority, and they have confidence in their ability to run the country (justified or not) and can basically do whatever they want, because the masses just do not want another election for four years at least, and the Tories will believe, like the Liberals had for years, that no party can compete with them in the short or even long term; then we will have the same problem we have had for the last ten years: a ruling party that pretty much knows that they are "untouchable", and an electorate who feels that there are no real options, and this will most likely increase voter apathy.
What should the Tories do? First, they could at least wait until the Gomery inquiry wraps up, and if any serious revelations should come to light, the electorate would most likely to be ready and willing to throw the Liberals out anyway, and the Conservatives would probably win a majority. Even if no damning revelations come to light, the Grits currently have a minority government, and they will probably lose their support from the electorate if they are as corrupt and incompetent as most people think they are, the Tories would take office with a clear moral advantage, but would be more accountable to the electorate because there would be a stronger opposition (or just a better one, since the Libs will be where the Tories were in '93, and other parties could gain from it), and people would believe in the system better.
I guess this all sounds terribly naive, that the parties are not just in it to get elected ASAP and wield as much power as they possible can, and the people can be made to take an interest in what happens in Ottawa. Also, even though the Conservatives under Harper is the best option we have, it's all so depressing.