Were I a Lib Dem activist, I would be very concerned that this coalition will be the death knell for the party - but only time will tell.
There is a perception amongst the general public and party activists that many of the distinctive political principles which made the LibDems distinctive from either Labour or Conservative have been sacrificed on the altar of power -sharing, and it is debateable that they have received anything like an equitable return on this sacrifice - The stand out concession is merely that of a referendum on proportional voting in May 2011.
Ultimately though, their long term future will be dependent upon whether the public think that the LibDems have acted in the national self interest - and that will not be clear for another parliamentary term at least.
Judging by opinion polls right now, most people think that the LibDems would sell their own grandmother for a seat in cabinet! So, short term hatred, but maybe long term salvation, if they can help steer a course through the harsh global economic realities. Almost all of the G20 countries have been guilty of a ridiculously lax approach to the regulation of the banking and financial sector, and have been far to eager to rely on borrowing to support public spending commitments - This culture has to change, so maybe this will be the LibDem salvation.