There's a school of thought that you, the reading public, do not care about the reshuffle. We have all seen the "re-arranging the deckchairs on the Titanic" jibes every time one happens. i has deliberately avoided the endless speculation, partly not to bore you, but mostly until we actually had something firm to report on. But, as we have led with it twice now, we obviously think it does matter, even if the big three jobs were left untouched.
That's not really true is it? Much as Ken Clarke wanted to stay at Justice, giving it to Chris Grayling is an easy sop to the Tory right, the reshuffle's winner. But Clarke, the Cabinet Tory with crossover appeal, landing without portfolio at HM Treasury to bolster George Osborne is as much an admission as possible that new thinking is needed there, given that it would be politically disastrous for the PM to have moved the Chancellor.
Are the changes cosmetic? It is significant that Justine Greening was moved from Transport just as the third runway at Heathrow that she opposes looms large. You don't believe me? See Boris's reaction. It matters too that Andrew Lansley was punished for failing to articulate radical NHS reforms of which he is part architect.
And Jeremy Hunt getting the big promotion to Health? Clearly the PM wants his allies around him, but this also reveals the Leveson report will surely not prove fatal to the former Culture Secretary over his News International links.
There is much more to be said: how little the PM cares what the Lib Dems think; what a bad day for women and diversity it was – but not here, go to independent.co.uk for more analysis. So, that's what I think, what do you think?Follow @stefanohat