Above all, perhaps, can the National Party retain confidence in Collins as a potential leader one day when she has shown such a flagrant and breathtaking disregard for the laws of politics?
The first law of politics is that often, the handling of a problem turns out to be as bad as or worse than the problem itself.
Whether Collins now fully realises what an absolute hash she has made of things is still a very moot point.
As hard as it seemed for her to come to grips with what she had done, it is just as difficult to come up with a cogent explanation for her astonishing fall from grace.
If someone had told you a couple of weeks ago that the Prime Minister would be putting someone of Collins' prestige, popularity and latent power within the National Party on notice of being sacked from the Cabinet, you would have quietly decided that person was more than slightly bonkers and advise a long lie-down until the fever had passed.
What is not in question is that Collins is not exactly flavour of the month in National's caucus right now.
The timing of the revelations of her indiscretions - and her refusal to acknowledge them until forced to do so by the Prime Minister - are said to have infuriated MPs.
Nothing else comes close to concentrating politicians' minds than their three-yearly appointment with the ballot box.
In bringing election day forward by a couple of months - rather than sticking with the traditional Saturday in mid-to-late November - John Key has concentrated minds even more on National's backbench.
Not that those MPs are in any immediate danger of losing their seats.
Slots on National's list will become vacant through the pending permanent departure of (so far) 14 retiring MPs. Allied with its robust poll ratings pointing to National getting a high party vote, those MPs who intend to stay but are standing in vulnerable or unwinnable seats should be able to find shelter high enough up the list to survive.
Nevertheless, Key's announcement last Monday of the date of the election will have set nerves tingling.
National may be blessed with a rapidly recovering economy, while Labour and the Greens bicker, and David Cunliffe struggles to get the traction he needs to persuade voters this election will be a real contest.
However, there is an eerie feeling that the current circumstances are about as propitious as things can get for National, yet the party is by no means guaranteed victory on September 20.
The onus is thus on Cabinet ministers and MPs to hold the line until polling day by projecting an image of competence and confidence while ensuring as much as possible that this picture is not clouded by foul-ups or embarrassments.
National MPs will be asking why Collins failed to see how her actions were compromising this strategy - and whether, for all her undoubted strengths, there are some previously hidden flaws in her character which have now put her leadership credentials in serious question.
This is not an academic matter. Key made it very clear this week that should he lose the September election, he will not be hanging around Parliament for very long afterwards.
Until this week, Collins seemed to have all the attributes required to do the job - an abiding commitment to National Party principles such as individual responsibility, a diamond-hard resolve, a solid work ethic, an ability to capture the mood of the party, an understanding of what matters to the average punter, killer communication skills (especially when it comes to putdowns and razor-sharp one-liners) and, last but certainly not least, a capacity to deliver a steel toe-cap caress to the nether regions of National's enemies, always accompanied by that wicked smile that leaves no one in any doubt as to who won.
The warning signs were there long before what might be dubbed as the Oravida episode. Her projection of an image of being one tough cookie seems to have bred a feeling of invincibility - something which is fatal for a politician to contract.
It is certainly not a quality that sits comfortably with the compromises and flexibility demanded of politicians by the minority government model.
It is no accident that Key has followed in Helen Clark's footsteps and been more of a managerial prime minister who basically tries to keep as many people as happy as he can for as long as he can.
Like Clark, he has hugged the centre line, looking behind the enemy's trenches for areas to mine for votes, while pushing Labour ever leftwards.
Key has proven that his strategy of territorial expansion of National's vote is best achieved by marching as much to the left as possible in a proportional electoral system.
Steven Joyce, the other main contender for the leadership, would happily follow that model. It is not so clear whether the more ideologically driven Collins could or would do so, thus potentially making power more elusive for National.
This is important because the departure of an arch-pragmatist like Key is bound to provoke some ideological soul-searching within National.
Collins - who is unlikely to be in the dog-box for too long - could exploit her more clear-cut and less centrist beliefs to her distinct advantage if the party deems it needs ideological refreshment.
What is certain is that whoever succeeds Key is more than likely going to have a hell of a time trying to stamp their mark on the job. Key will leave super-size boots to fill.
You only have to look across to the Labour benches to see Clark's legacy. She served as her party's No 1 for 15 years. Since her departure, Labour has had three different leaders in less than five years.
The longer Key stays, the tougher it will be for his successor to come even close to matching his record. Collins will recover her poise and panache soon enough. But National's next leadership ballot may well be a good one to lose.
