It's still too early to predict but I'd go for a small Tory majority at worst, small Labour minority at best with the Tories loosing all their seats in Scotland.
The Lib Dem's won't, and shouldn't form an electoral pact with Labour at this point, as much I would like to see it eventually. The Lib Dem recovery hinges on them regaining their own identity once more as a Liberal party. Apart from 5 seats (all 4 Bristol seats and Weymouth), the entire southwest of the country, the Lib Dems former stronghold, is a Labour desert. The LD vote collapsed there after the ConDem coalition as they were seen basically as the Diet Tories. Meanwhile, in 97, 01 and 05, the LD seats (some of them became considered safe seats over time) basically gifted Labour part of their majorities by holding back so many Tory seats.
The real problem for Labour is Scotland and they're right to rule any deals out with Nationalists.
Since the Tories seem to be destroying their electoral chances themselves, I think Labour strategy should be based on building a positive and bold alternative programme of government to the Tories and then shouting from the rooftops about it, leaving many of the attacks on the tories to the Lib Dems. Labour should be focusing their sights on the SNP more attack wise.
Win back the red wall, gain a few seats in Scotland, let the LD's beat 10 bells out of the Tories in the SW, sign a coalition deal with the LD's after the election and jobs a good 'un.
What we're seeing instead from Labour however, is procrastination over policies in a fast changing crisis (and when they do come out, it's a little weak like their new energy policy) due to fears over the under surface splits that still exist within the party resurfacing. Their sights are set on the Tories as it's low hanging fruit and unites the party but without very bold alternative policies behind them, they come across to voters as just stating the obvious. There's no strategy for dealing with the SNP at all as far as I can see which is just silly for a unionist party.