If an election were held soon, then Wynne would have to run on the Liberal record of the past years - which is fiscally atrocious and not much better on other files. The only thing saving the Liberals is that their supporters do not expect much more than mediocrity from the party. They are in the midst of a slow fall , similar to what happened federally.
The best the Liberals could hope for would be another minority government, and the worst is that they fall to 3rd place status (as happened federally).
The Conservatives could win a majority, win a minority, or remain the second party with a Liberal minority – essentially, they have nothing to lose.
The NDP would most likely improve their seat total, but become second to a Conservative majority or minority. They could also leapfrog over the Liberals and be the stronger of the two. They could also end up similar to where they are now – with a Liberal minority (probably a bit weaker), and still holding the balance of power.
If I were a Dipper, I would probably go with those odds.
If the election were delayed, Wynne could run on her own record, which most likely can be no worse than the Liberal record now, so the changes from the above scenario would be that a Liberal majority would become possible and there would be more possibilities of the NDP being irrelevant.