I reckon the MOD won't get a replacement for Ocean, but for me they could only do this if they wait till Albion/Bulwark need replacing and throw the whole lot in for 2 LHDs with a QE acting as a secondary LPH (but still with a strong JSF core).We hope that MOD is looking for a replacement for HMS Ocean. I think the Libyan operation gave MOD a serious wake-up call as to why decommissioning an aircraft carrier is a bad idea. They could have kept the carriers or looked into America for LHA's or buy into France's Mistrial. They really need to have one for the Falklands and one for other commitments.
Looking at Wiki (Albion + Juan Carlos as benchmarks) it seems like it would be a massive increase in amphibious capability in regards to the number of troops and whatnot carried and it would be incredibly powerful in regards to it's rotary capacity, hell even a few F35Bs could climb aboard.
To me, that seems like the best way they would be able to spin not getting a replacement for Ocean (admittedly a QE could do it, but I wouldn't want it too) but will they do it? Doubt it.
In regards to Lybia, in my opinion it reenforced the need for fixed wing aircraft and the only reason Ocean was used was because it simply wasn't available, if anything it might have made a few pencil necks start thinking "Well, if we had a carrier it'll be able to do everything Ocean can do, so why get another?"