$1:
How can there be another election soon when the Liberal party will be without a leader? If you think Martin will last, you're kidding yourself.
It'll take some time to rebuild the party.
It won't take much time. They've got the machinery more or less in place...this is the Liberal Party, remember? The Big Red Machine that exists to win elections and governs in its spare time.
A leadership race would help to build momentum and with Martin out of the picture the Martin/Chretien feud can finally be ended.
They need three things though.
1) A real leadership race, not a coronation that alienates much of the party like happened with Martin. That race looked very much like the fix was in. If Copps wasn't there annoying everybody, it wouldn't have even been any fun to watch.
2) A well-known leader without a lot of baggage, preferably from outside of federal politics. That means Ignatief should lose out because of his books and Manley should lose out because of his past history as a cabinet minister. Copps should run for the leadership again because she makes me laugh, but if she even does well the party is finished.
3) They can't break down in recriminations and party infighting. That's the Conservatives gig historically, and the Liberals have used it to their advantage enough that they should know better.
If the Liberals break any of those rules, and likely several I haven't thought of, the party could collapse. We could end up with a left-right dichotomy like we have in Manitoba and Saskatchewan. That's not a bad thing at all.