What will happen in Wales when/if the Tories get in - especially if Brown/Labour are humiliated and if there are moves towards disengagement with the EU? Will there be a move towards independence from England as I suspect there might be in Scotland? notes from no w here
Plus we aren't immune from Tory policies at UK level if they gain power. Not all areas are devolved to Wales - benefits for example. We'll be hit hard by any Tory reforms to the benefits system that further alienates people trapped on benefits in areas of high unemployment, which is a real issue for many areas of Wales.
The other concern, borne out by the polls on Rhodri's popularity are that people don't see a distinction between Welsh Labour and New Labour. So despite Rhodri's huge popularity, this hasn't translated into votes for Welsh Labour, because New Labour, Brown and Blair are so unpopular. Ad astra per aspera