The stubborn survival of Clegg may prove to be more significant than the noisy arrival of Farage.
South Shields was a terrible result, but the party is performing well in its parliamentary strongholds.
The Liberal Democrat leader has conveniently forgotten his opposition to ring-fencing in 2010.
By vetoing the snoopers' charter and securing the passage of an amended Defamation Bill, the Lib Dem leader has proved the sceptics wrong.
While public concern over immigration is relatively high, and has been increasing, it has not reached the peaks of the past.
The policy is cited by party activists as one of the main reasons voters turned against the party in 2010 after "Cleggmania".
Forcing migrants to pay a "bond" of at least £1,000 will only further deter the migrants Britain needs.
The PM's repeated references to "a hung parliament" suggest that he expects Labour and the Lib Dems to combine forces and defeat him in Monday's vote.
Every wing, arm and leg of the party is livid about this. Clegg can't shrug the defeat off.