The joke is that Theresa May actually did better than any PM since Tony Blair in '97 and is on a par percentage-wise with Margaret Thatcher - with 42.4% of the vote, that's 6% more than David Cameron could muster.
The UKIP vote has collapsed because Brexit has already been triggered - 1 in 8 people voted for UKIP in 2015 (12.7%), and that has vanished to just 1 in 50 (2%).
The prospect of another Scottish independence referendum has produced a relative collapse in support for the SNP (50% in Scotland in 2015 to 37% today) - like Brexit, people in Scotland are sick and tired of the constitutional debate and just want MPs to concentrate on the day job.
The Lib Dems have actually gone down in terms of % support, meaning that they have still not recovered from siding with the Tories in 2010.
All of this has produced big gains for the Tories and especially for Labour, but somehow that has translated into a loss of seats for the Tories and enough to wipe out their majority.
It kind of puts the mockers on 'hard' Brexit and Scottish independence in one fell swoop - not a good night for Nationalists of any colour. It's an especially bad night for Leave voters though - this election has basically rectified what a lot of people have suspected - that the EU referendum was won on fake promises, and though I suspect that most Leave voters will still want the UK to leave the EU, the government are going to have to rethink their attitude towards Brexit. In some ways I admire Theresa May for essentially calling an election on the basis of 'well, do you really want a hard Brexit or not'? She certainly got her answer loud and clear.
Pros - The SNP have lost a load of seats
Cons - No majority for anyone means this was a waste of time.
I wouldn't say it was a complete waste of time - I reckon this country could sorely use a cooling off period to reassess what we want from the forthcoming Brexit negotiations, and now we have it.