Two Party System
I've joined the ranks of those who say that third party votes are a waste. I've been registered Green, Peace and Freedom, and decline to state. I'm now a registered Democrat and unlikely to change. Ours is a two party system.
The only way to have political power is as a member of one of the two parties. Rather than form a seperate party, like-minded individuals should form factions within one of the parties. At election time, the party candidates will court the vote of third party members. In the state legislatures and the congress, third parties are powerless.
I can see no advantage to a third party that can't be accomplished as a faction within one of the two parties. To fight to have your issue part of the party statement and lose has more influence than having your issue be part of a platform that is guaranteed to lose.
If a third party were to receive enough votes to qualify for the public campaign subsidies, I suppose that would be of some benefit. The money would allow a third party to get their issues heard. But they still aren't going to win enough seats to have any real power.
Third party activity gives the activist a sense of accomplishment without having to do the real work of politics: compomise. It's a "don't blame me" approach. Well you won't get credit either.
I'm not decided on whether we'd be better off without a two party system. This website is an interesting read.