I can see them trying to sugarcoat things a bit for the purposes of winning votes, as it will put Cameron etc in a difficult position, as if he says they aren't being ruthless enough, he runs the risk of losing votes for saying he'll have to make bigger cuts and raise taxes.
I would imagine there plan is to make this seem as good as possible and then if they win the election, they'll announce an emergency budget and screw us all some more.
Six months ago I would have said they had no hope at all of winning this election, but I really think Cameron and the Tories have let it slip quite badly. They were given it on a silver platter but I don't think they've taken full advantage of people's feelings towards Brown and Labour. I think it will be a lot closer than first thought. Can't say I like Cameron a lot, but I really do detest Brown. If they get back in, I'm emigrating