Political analysts are variously divided over the prospects for South Africa's democracy. This article both explores and explains their great diversity of opinion. It investigates the implications, both positive and negative, of African National Congress one-party electoral dominance. The paper goes on to assess the reliability of the mechanisms through which an electorally dominant government can be rendered politically accountable. It then explores the implications of political challenges — concerning capital and skills flight, HIV/AIDS, and corruption — that have licensed further speculation about South Africa's future, and concludes that a cohesive ruling alliance offers the best hope of entrenching the country's imperfect democracy.