By choosing Barr and Root, the already deeply-troubled LP has shown that its radical roots are dead and buried, and the new direction for the party is acceptance and putting itself "on the map." So the irrelevant party of 'city council' and 'board of education' elections becomes the pandering party of mainstream politics by nominating guys who completely reject *basic* libertarian principles so they can bag (they hope) 5% of the popular vote. With Barr they've got a name, but they've tossed libertarianism. It is nothing more than a confused, mongrelized third party anymore. With this nomination, the LP no longer represents libertarianism. None of it is worth any deeper analysis than this.
Here's Bob Barr on Colbert.