I have been thinking about the assertion that a third party doesn't have a chance in this day and age due to media control, etc.
Personally, I think it's a lot of bunk. My position on the "wasted vote" myth is well known, and I feel that, if anything, the internet has increased the chances for little knowns to make great political strides. And, although there's not much in the way of established precedents, I can point to phenomena from this past election to support my thesis.
Howard Dean's failed bid for the Democratic nomination underscored the ability of an also ran to put themselves in the heat of the battle. Through his innovative fund raising techniques and his populist appeal that was broadened by the accessibility of the internet, he rose from obscurity (outside of Vermont) to the post election chair of the DNC.
Another great example of the ability to spread a message over the internet was the "jibjab" video, which made its rounds over the internet and was widely received.
The Libertarian Party itself even received a small boost, as they became the subject of a good number of radio talk show pundits. Though the pundits themselves were misinformed, more Americans than ever were made aware of options outside of the "big two". While not the coup the LP should hope for, it certainly brought more light to the party than they have had in virtually every other presidential election (their role as "spoiler" in the Washington governor's race similarly put them in a position of attention).
But the LP needs to build on these minor successes. If we focus strongly on 2006, there is a strong potential that we can begin to step up and fill the gap; to begin to provide the American people with what has been sorely missing in American politics for so long. And the internet, used properly, provides us with the perfect medium to do so.