Didn't see your post until after I'd done mine.
27% of the vote across five inner city wards, second in four of them, is hardly an awful result - as you well know the FPTP electoral system is biased against those whose vote is spread out evenly, rather than concentrated in enclaves.
And don't complain about defectees - ironically the Lib Dems actually have a councillor in those five inner city wards despite not winning an election there, because a Tory managed to squeeze through the middle of a split Respect/Labour vote and then defected the LibDems. The last time you won a seat was with that paragon of LibDem virtue, Alan Valentine; the less said about him the better from your point of view!
Unfortunately two of those five wards contested by Respect in the last couple of elections have no election this year, but we'll win at least one of the other three (whether or not the LibDems can find another candidate to fill your shoes and arrest the terminal decline in your votes).
And according to your fellow LibDem 'Doktorbuk', there's no 'hopefully' about you standing in another ward as he's posted on Wikipedia that you are standing in Tulketh ward, allegedly against Valerie Wise standing for Respect!

(unless you are doktorbuk - in which case you should see a Doctor yourself for treatment)
http://en.wikipedia.org/wiki/Preston_Council_election_2007#Tulketh
http://en.wikipedia.org/wiki/User:Doktorbuk