We do LTP - are you saying LTP is part of consolidation which the hippocampus is responsible for?
I think the important thing to understand is firstly LTP is something that happens all over the brain, not just the hippocampus. For example the cerebellum uses LTP (off the top of my head, it's for controlling balance, but don't quote me on that one). LTP is simply a chemical mechanism.
In saying that, in the hippocampus, we do believe that it is involved in Long-term memory, specifically the maintenance of long-term memory.
Do you guys talk about the physiology of it though? Like AMPA receptors and NDMA receptors and making Mg2+ ion disappear? (I apologise if I'm labouring the question too much, but I am majoring in neuroscience and I'm obviously studying these mechanisms in greater detail than you would in VCE. I just need to make sure that I'm talking about this at the VCE level so there isn't any confusion.)