Although many dismiss the Conservative leadership contest as being irrelevant, as nobody seriously expects them to win a general election in the near future, I consider this to be a turning point in UK politics.
If Iain Duncan Smith is victorious, the Party will remain right-wing, staunchly Europhobic and unelectable, handing unopposed power to the Labour Party for decades. A democracy with only one choice is tantamount to dictatorship.
On the other hand, while Kenneth Clarke may cause further splits in the Conservatives because of his Europhilia (there is talk that some MPs may even defect to the British National Party if he becomes leader), he is still more likely to appeal to current Labour voters, which makes him the obvious choice. The fact that he currently looks unlikely to win the leadership only confirms everyone's suspicions that the Conservative Party is completely out of touch with reality.

September 13, 2001. The result is in. The Tories obviously wish to commit political suicide: as the polls predicted, Iain Duncan Smith has been elected the new leader of the party with 61% of the vote. The Labour Party and Liberal Democrats, who eventually hope to take over as the main opposition, will doubtless be pleased at this news.