The Alternative Vote, why bother?

The campaign for and the outcome of the General Election has put electoral reform firmly on the political agenda. Somewhat surprisingly the alternative vote (AV) has become the most discussed option for replacing the current first-past-the-post system (FPTP), embraced by Labour, and even allowed by the Conservatives to be voted upon in a referendum. This potential acceptance by the two major parties is understandable, as AV is for them the safest option, and least likely to break their joint hegemony over British politics.