They would under electoral reform! (OK, perhaps putting a little too much faith in politicians there...)
But meh. I don't like the idea of a birth-right giving someone the power to sit as a Lord and decide on legislation. And as much as the Lords can protect us from stupid legislation, it also can prevent good legistlation becoming reality, effectively existing to maintain things as close to the status quo as possible.
Do away with the peers, make it elected (perhaps withsome portion of life time appointments in specialist areas), and remove the Parliament Act to prevent tits like Tony Blair can't force through anything they bloody well like because they can rely on the fear within their own ranks of the whip system.
Assuming we're not going for violent revoluion, of course.