An early election?

Tom Watson wins the prize for most politically interesting blogpost of the day with his speculation on Labour Uncut about the Tories precipitating a May General Election:
http://labour-uncut.co.uk/2011/01/12/a-snap-election-promises-cameron-the-glory-he-craves/

I take Tom's points about why this would be to the Tories' advantage but I don't think Labour should be wholly afraid of an early election:

a) it would be fought on the current boundaries without the implementation of the Tory-proposed gerrymander to reduce the size of the Commons, which would disproportionately damage Labour if the election doesn't happen until 2015.
b) we would be able to frame it as a single-issue election on cuts, just as they really hit home. By 2015 the economy and public spending may be recovering and cuts, whilst still a major party of the Government's record, will be a less resonant issue.