While I agree that sticking to their guns isn't working, why should turning their back on previous positions work either? More than likely it would alienate the party faithful and probably wouldn't win all that many people back, either. Campaigning on a pitch of "you know, UKIP might have a point" is hardly likely to win UKIP voters back, would just increase the UKIP vote if anything!
So I think the LibDems have managed to trap themselves, really. They did in 2010. I find it hard to believe that the leadership didn't realise this. So perhaps, after all, all that guff about "joining a coalition, in the National interest -- not the party interest!" might after all have a point. Certainly it's not turning out to be in the party's interest, is it?