@Octavious, Maniac
I don't look at the polls, I look at electionforecast.co.uk. It looks at it seat-by-seat with a detailed formula (it's endorsed by Nate Silver), and it also provides 90% uncertainty intervals, which are wide enough to give either big party a much better or worse shot at a coalition government or moderately stable minority government, but only a 1% chance at a majority one.
Currently, the site says this:
Con - 278 (range: 247-311)
Lab -- 271 (range: 239-304)
SNP -- 50 (range: 40-56)
Lib ---- 26 (range: 19-33)
Others: DUP 9, Plaid 4, SDLP 2, UKIP 1, Greens 1, Other 8 (presumably Sinn Fein 5, UUP 1, Ind 1, and the Speaker)
Based on those numbers, the Conservatives would, alone, fall 45 short of a majority. The Lib Dems get them to 304, still 19 short. The DUP will support either one; that's to 313, 10 short. Presumably UKIP and UUP will pick up two of those--now it's to 315, still 8 short. Could that easily change with just a slight swing up along that uncertainty range? Of course! But at the moment, it seems less than likely for a Conservative government.
Now to Miliband's chances. 271 is 52 short of a majority. If we add the SDLP, DUP, and Greens, that's 283, still 40 short. The SNP could make that up even at the lower end of their uncertainty range, and they probably will, but given Miliband's remark's earlier, it will be on a highly unstable, vote-by-vote basis. Perhaps they'll have a chance at a Lib-Lab pact reminiscent of 1977.
TL;DR: Tory minority government possible, and a Labour minority government without the SNP also possible. Both would require the Lib Dems approval. But it seems like the most likely scenario is an unstable Labour government reluctantly with SNP backing.
@Orathic: Plaid Cymru. Welsh is an interesting language.