Tyler, Megan, and Bryan have been discussing Ron Paul. My opinion is closest to Megan's.
I view the Ron Paul phenomenon as a successor to the Ross Perot phenomenon or the Pat Buchanan phenomenon. His supporters are expressing alienation and frustration with the establishment. Libertarianism is not really central to his appeal. My guess is that a militant fascist could pick up a lot of the same voters.
I doubt that libertarianism will be advanced by any campaign for national office. I suspect that the best way to advance libertarianism is not to compete for government office but to compete against government. Earn a living to support your family. Contribute to institutions, such as private schools, that compete with important government institutions. Vote against incumbents, but otherwise stay aloof from political campaigns.
UPDATE: I know that there are sincere libertarian supporters of Ron Paul. Nonetheless, there are other supporters, such as the founder of a white nationalist group.