It seems like the Republican Party is starting to pay attention to the possibility of a major third party presence in the next election, given that "Mr. Republican" himself -- Newt Gingrich -- is talking about it. From CNN:

Former House speaker Newt Gingrich is warning of a third party mutiny in 2012 if Republicans don’t figure out a way to shape up. “If the Republicans can’t break out of being the right wing party of big government, then I think you would see a third party movement in 2012,” Gingrich said Tuesday.

Gingrich also stressed the reason for widespread dissatisfaction with both major parties:

“[The current governmental system] is so sick, so out of touch and so arrogant that you’re going to have a nationwide rebellion at the polls of people in both parties who are just fed up.”

Is this the R3volution?