And there lies the problem. Until someone can come up with something better, we should not tamper with it.
I believe the problem lies as much with the voters as it does the system. In my experience more people I know agree with the policies of the reform party than any other party, but wouldn't vote for them because they believe it is a wasted vote. I believe very few people hold a high regard for either the Labour party or the Conservatives, but will probably vote for one of them at the next election just to keep the other one out of power. Of course there is proportional representation, but this comes in several forms and generally means we would end up with a hung parliament.
Unfortunately politicians are out of touch with the general public, and listen to those who shout the loudest. This is why people with minority opinions tend to get their own way. If the silent majority wasn't so bloody silent then perhaps political decisions would make more sense to us.