This is my feeling too. I had an interesting conversation with my dad last October. We don't tend to talk politics much anymore, as we... disagree vehemently on 90% of issues. But on this occasion, he told me that he'd cancelled his membership of the Conservative Party because he was so angry with their lack of competence - after being a member for 40 years. He's also now in favour proportional representation.
I'm kind of hoping that he's not the only lifelong Tory who feels this way.