No. The problem is that it leaves the most damaging and pernicious faults with the electoral system intact. Firstly the deviation from a national electoral quota; we urgently need to recognise that a Scottish or Welsh vote should not be worth inherently more than an English vote. So the same EQ should apply right across the UK. Secondly, the envelope of constituency size around the EQ; like commentators on this blog I would allow only two exceptions, the Isle of Wight and the far highlands and islands. Every other constituency should be in the envelope +5% to -5% of the UK electoral quota.
Secondly, the state of the electoral register. Michael Pinto-Duschinsky has estimated that for 45m voters, the register is 7m voters out; there are 3.5m voters registered who shouldn't be, and 3.5m missing who should be. many of the latter will be natural Labour supporters - so they should support moves to regularise the register. A one-off validation, perhaps coincident with the 2011 census, in which either passport or birth certificate is required, will correct the register.
Finally, we must with reluctance withdraw the right of Commonwealth citizens to register on the electoral register and vote in general elections. This is an anomaly from the days of steam liners and has no place in an age of jet travel when we are host to at least a million Nigerians.
Some action from Cameron on these desperately needed reforms would be welcome indeed.