Well a lot of results have been announced, and it is already clear that the Labour majority will be a lot smaller this time around - predictions are for a majority of between 70 and 75 seats.
It is clear from exit polls that many electors voted against Labour because the war in Iraq. One good feature about electors in the UK is that they don't have much tolerance for outright lying by politicians. Tony Blair is lucky that he had a majority of 150+ to begin with...