Changing the electoral system in the UK

What do you think of the proposal by Labour to change the voting system from first past the vote to some sort of preference based system whereby you rank people based on how much you want them to be elected?

The problem seems to be that they are only proposing it in order to appear to be doing something different before the next election and perhaps to appease the liberal democrats rather than due to any sort of principles, but do you think the new system would be better / fairer? Presumably it would lead to more hung parliaments.

Re : Changing the electoral system in the UK

It will be interesting to see what actually happens with this now that we are going to have some sort of voting referendum.

What happens in that and which of the politicians agree will be interesting... it is some sort of alternative voting system I think that people will be asked to vote on.