It's not official, of course. But, inspired by a Philip Webster article in the Times yesterday, PoliticsHome dreamt up the idea that Mandelson has become the new deputy PM, ran it past its PHI panel of opinion formers and found that they agreed. So, even if Gordon Brown hasn't appointed him to the post, the commentariat has - which is at least noteworthy.
No wonder Mandelson's looking so perky these days.