If the UK had MMP

If the UK had an MMP system with a 5% threshold the seat allocations would be:
Labour 238
Conservative 218
Lib Dem 149
DUP 6
SNP 10
SinnFein 4
Plaid Cymru 4
SDLP 3
UUP 3
Respect 2
Independents 2

Which would mean that a coalition of any two of the three largest parties would have been able to form a government. This would not look like much of a victory for Blair.

(This doesn't predict how people would actually vote under PR - a few smaller parties (Greens, UKIP for instance) would get 5% - the factions in the larger parties would probably be externalised as well).