Unless there's a major campaign-killing gaffe or scandal by either the Conservatives or the Liberals, all an election now will do is waste $300 million. We'll get another CPC minority government with a small amount of seat-shuffling but no major changes.
That said, if Harper can't win a majority in two elections against the weakest, most useless opposition he's ever likely to face, he may be pressured to step down as leader in favour of someone with greater appeal outside of ex-Reform Party members. Depending on how poorly the Liberals do, Ignatieff may be forced aside as well. So while it's doubtful an election will have an immediate impact on parliament, the aftermath could prompt leadership changes for more than one party.
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