For some reason the return of David Laws is viewed as some kind of panacea, someone who'll save the coalition from both itself and the sense of drift that's become a hallmark of government so far in 2012. Yet surprisingly few MPs - Lib Dem or Tories - actually feel this way.
Last night the Parliamentary Lib Dem party gathered for a back-to-school supper. The sense among them as the reshuffle sank in was that they'd been corralled by the Tories, cattle-prodded around Whitehall at the whim of David Cameron. That's how reshuffles always feel, of course. But for a small party unused to government there was a sense of being manhandled and vulnerable, particularly given the ascendancy of the right on the Tory side of this reshuffle.
Still, they've got one of their big hitters back in government, right at the heart of the action in both the Education department and the Cabinet Office. That's got to be a consolation prize, right?
Far from it. Many Lib Dem MPs view Laws' supposed rehabilitation as only further cause for depression and panic. They think it makes things even worse.
And they're right. BSkyB takeovers and GP clinical commissioning groups seem myopic to large sections of the public - not because they're too thick to understand them, but because they don't exist on a tangible human scale. Theft, on the other hand, is easy to grasp because it's happened to most people at some point. People believe David Laws stole, and the prevailing sense is that he wasn't sufficiently punished for that.
Now he's back in government, and quite a few Lib Dems with precarious majorities (that's a lot of them) worry that Laws' inevitable profile in the media will hamper their electoral chances, not enhance them. Were any Lib Dem MPs glad to see David Laws back in government, I asked? "Just one, Nick Clegg," replied one MP.
It's not just that Laws is so far to the right of his party he's considered a Tory in all but name. When you factor in Chris Huhne's forthcoming trial for allegedly perverting the course of justice, some MPs feel the challenge facing Lib Dems to restore their happy-clappy brand just got an awful lot harder.
On the Tory side the return of Laws - and the reshuffle as a whole - was greeted with a collective shrug. They're happy that Chris Grayling's been promoted and glad that Patrick McLoughlin will be more visible. Many are baffled by the ascendancy of Theresa Villiers and the embracing of everyone's favourite GP Daniel Poulter.
Certainly some backbench Tories were bemused at the new make-up of the Education ministerial team, not just because Michael Gove has lost Sarah Teather, a Lib Dem who he actually liked working with, but also because he's now got Liz Truss to deal with.
"She'll give Gove hell," one Tory MP said, and it's certainly true that on the backbenches Liz Truss has badgered and hectored Gove. In our interview with the Norfolk MP earlier this year she acknowledged that she's been "bolshy" in her dealings with ministers. Many would like to be a fly on the wall inside the Education department now she's got control of early years intervention - she'll probably have toddlers doing quadratic equations within weeks.
The view is that Gove now has the ministerial team from hell to deal with, at a time when he's about to attempt root-and-branch reform to the GCSE system. Gove now has a powerful Lib Dem minister to challenge him in the form of David Laws and a truculent whippersnaper in the form of Liz Truss nipping at his heels. Welcome to the brave new world of Coaliton 2.0.
Prime Minister David Cameron
Deputy Prime Minister Nick Clegg
Chancellor George Osborne
Foreign Secretary William Hague
Health Secretary Jeremy Hunt
After a stressful year in the DCMS, Jeremy Hunt moves from Culture to Health, replacing Andrew Lansley.
Home Secretary Theresa May
Cabinet Office Minister Francis Maude
Chief Secretary To The Treasury Danny Alexander
Minister without Portfolio, Ken Clarke
Having stepped down from the Justice Department, Clarke is supposedly staying in Government rather than hanging up his boots. Chris Grayling will replace him as Justice Secretary.
Justice Secretary Chris Grayling
Chris Grayling, formerly in the Department of Work and Pensions, will step up to hold the job vacated by Ken Clarke.
Culture Secretary Maria Miller
Maria Miller has taken up the DCMS job after Jeremy Hunt moved to the Department of Health. Miller is one of the few new faces in the cabinet.
Defence Secretary Philip Hammond
Communities Secretary Eric Pickles
Education Secretary Michael Gove
Minister for Internation Development, Justine Greening
Greening, who has been subject to plenty of rumours since her fallout over a potential third Heathrow runway. Greening was in No 10 for over an hour on Tuesday, presumably arguing her case and battling to stay in the cabinet. She will now take over Andrew Mitchell's spot at DfID.
Transport Secretary Patrick McLoughlin
McLoughlin, who has spent the past two years handling backbench rebels as Chief Whip, moves to the DfT, taking over from under-pressure Justine Greening. Greening has yet to be moved.
Energy Secretary Ed Davey
Attorney General Dominic Grieve
Cabinet Office Minister Oliver Letwin
Warsi, one of the earlest victims of the reshuffle, has been ousted as party co-chairman and is to be replaced by Grant Shapps. Warsi instead moves to to the Foreign Office as a junior minister, while also working as faith and communities minister.
Party Co-Chairman Grant Shapps
Shapps, who was the housing minister, is bumped up to party chairman, taking over from the demoted Sayeeda Warsi.
Environment Secretary Owen Paterson
Spelman leaves her post, to be replaced by the former Northern Ireland secretary Owen Paterson.
Work And Pensions Secretary Iain Duncan Smith
Leader of the House Andrew Lansley
Despite recently setting in motion huge overhauls to the NHS, Lansley has been moved to fill Sir George Young's spot as Leader of the House. Jeremy Hunt will succeed him in the Department of Health.
Business Secretary Vince Cable
Northern Ireland Secretary Theresa Villiers
Theresa Villiers, who gave nothing away as she approached Parliament with a wide smile on her face on Tuesday, replaces Owen Paterson. Paterson has moved to Defra.
Welsh Secretary David Jones
Cheryl Gillan was one name always likely to be taken off the list, and she is replaced by David Jones, who served beneath her as a Minister for Wales.
Scottish Secretary Michael Moore
Chief Whip Andrew Mitchell
Andrew Mitchell has moved moved from the Department for International Development to the role of Chief Whip, replacing Patrick McLoughlin.
Lords Leader Lord Strathclyde