I think it quite likely. We've got a unique *political* opportunity to put together a package of constitutional reform.
In recent political history, it rarely happens when one side or the other has a thumping majority (c.f. 1997 and the botched Lords reform, and abandonment of the Jenkins committee once Blair got his landslide); this is the cliched-but-true Turkeys voting for Christmas effect.
As things are right now, the situation has a built-in demand for collaboration.
I am still concerned about a hung parliament collapsing into chaos and infighting, rather than realignment and renewal, but I think the chances are there, and that Clegg and Cameron (and hopefully, perhaps necessarily, whoever follows Brown) should be able to get this comprehensively right.