Opposition to EU Treaty - a busted flush?

Time was, a few weeks ago, when we in the LibDems were getting terribly worked up about the EU treaty and a potential referendum on same.

Conservative Home today suggests that opposition to the treaty is a bit of a busted flush:

We know that the Treaty is unpopular* but is it "deeply" unpopular?
The IWantAReferendum petition has 31,091 signatures at the time of posting. The Telegraph has over 110,000 but broke the 100,000 barrier a couple of months ago and has stalled somewhat since. The Sun lost more than 100,000 sales on the day it launched its campaign against the Treaty. A Westminster lobby on the Treaty was pretty poorly attended.

This suggests that Ming's suggestion of rejecting a referendum on the treaty in favour of a referendum on our complete EU membership, was the right approach - despite all the bad eggs he had thrown at him at the time.