It seems quite clear now that Ignatieff won't win, but he did not suffer a major meltdown on this ballot, which presumably assures him a place on the final ballot.
So can Dion overhaul Rae who leads him by 158 votes? The Kennedy camp has a large number of Ontario delegates, many with a history of opposing Rae. The leading candidates (including Kennedy) gained 372 votes on the second ballot. This time there are about 1100 to be redistributed. Could Dion could make it to the final ballot? It is by no means certain. The winner will be either Dion or Rae.