Here's Clegg's words outside Lib Dem HQ:
"I have said that whichever party gets the most votes and the most seats has the first right to seek to govern, either on its own or by reaching out to other parties and I stick to that view... I think it is now for the Conservative Party to prove that it is capable of seeking to govern in the national interest."
That "on its own" seems rather significant. Seems to be giving the green light to form a minority administration. If it had just been "by reaching out to other parties" that would have been saying "it's up to you, David, to make me a decent offer". As it is, I can't see what leverage the Lib Dems retain.