Here's my list of the outcomes and explanations, in probability order (And yes, I am biased, just so you know).
Labour Hung; No party in power but a Labour Government. Similar to Laboiur, except that they'll need support on a vote-by-vote basis and so a) will find it harder to get thing done but b) will have to listen to other parties more.
Conservative Hung; The worst option, as the LD and Labour will always oppose the Tories so nothing will EVER get done.
Conservative; BIG cuts to deal with budget deficits quickly, change welfare system to encourage people to get married rahter than just giving depending on who actually needs the money, more charities/companies involved in government, and less tax.
Labour; centrist, will keep us on a similar course to the current one. Decent public services, stay in Afghanistan, carry on as we've been doing. Might well swing to the left after the election.
Lib/Lab; Lib Dems and Labour share power. They're quite similar politically, so it could work. However, the Liberals don't really want to share with Labour after the latter have been in power for so long.
Con/UKIP pact; Unlikely since UKIP prolly won't get any seats, but they might go with the Tories in exchange for getting out of Europe.
Lib Dems; Much heavier on the banks (we'd get our own version of Glass-Steagall), we'd scrap our nuclear deterrent (which is a TOTAL waste of cash), more money into education, stronger ties with the EU possibly, change to proportional representation for voting so everyone's vote actually counts.
UKIP; The out-of-europe party. Basically like the conservatives, but more so and more hating of outsiders and foreigners and that sort of thing. Don't much like multiculturalism or people with funny names.
Greens; Scrap nukes, high taxes, everything goes really green, we become totally eco-friendly, etc. We probably go bankrupt too, but hey, what the hell.
BNP; Our resident Nazis, basically. Their leader has shared platforms with the KKK before, they want to kick more or less all non-whites out the country.