Why are third parties such a great idea? I mean, does it really make a difference whether a candidate runs as a member of the Constitution party or the Republican Party if its the same guy with the same views? You'd still end up with the same spectrum of people in Congress -- just different party labels. Ron Paul is a pretty good example there. Does he vote any differently now than he did before?
In a hypothetical third-party system, you'd have a robust third party full of Ron Pauls (and, perhaps, Buchanan-brigaders and Tancredoites as well). Would this party be a majority? Probably not. But it could, under parliamentary practice, form a coalition with the mainstream Republicans and force them to adopt most of their platform if they wanted a majority. Ditto for the DemoRATS regarding any Green-type party.