Contrary to the intentions of electoral engineers, Chile’s binomial system has failed to fundamentally transform the party system. It may seem that the debate on electoral reform is, therefore, irrelevant, because whatever election system is implemented, parties will simply adopt electoral strategies to ensure their survival. This article acknowledges that electoral reform, whatever its nature, is unlikely to significantly affect the number of parties in Chile. However, it argues that by focusing on notions of stability based in the number of parties, the debate on electoral reform has overlooked other important benefits of that electoral reform would provide, including the representation for all significant parties in parliament, enhanced internal party democracy, open candidate selection procedures, more accountable members of congress, real competition between parties, and a long-term governability that goes beyond the simple ability of presidents to pass legislation. The article makes the case that a moderate proportional representation system with small district magnitudes can best achieve these goals.