Compounding the problem, as MyDD notes, is that the Libertarians have a star in the making. Hollywood producer (and Emmy and Tony Awards winner) Aaron Russo is the favorite to get the Libertarian Party's nomination. He's already been widely quoted in articles discussing the possibility of a military draft (he's anti-draft, anti-Iraq War), and is becoming a favorite of the gun people (already garnering the endorsement of KeepAndBearArms.com).
As many libertarian-leaning Republicans and disaffected conservatives look for alternatives to Bush, Russo may become a force to be reckoned with. With a unified Right in 2000, the Libertarian ticket received 382,892 votes (Nader and the Greens got 2.9 million). What's more:
One other wildcard to watch -- the libertarian contingent on the web is huge. In fact, many of the blogs on the Right are actually more libertarian-leaning than movement conservative. It will be interesting to see if Russo can tap into this natural well of support and use it to catapult into bigger prominance. It'll be interesting to track his MeetUp numbers and activity on his campaign blog.