Realistically, I think he's just getting his name out there nationally. It may not be a lot of exposure, but somebody will have to succeed Ron Paul eventually as the standard barer for the Republican libertarians. Maybe it will be Rand, or if Johnson can become more well know than it could be him. Running for president is the best possible way for him to get that exposure. I don't see this as a direct challenge to Paul as much as it is a chance to get his name out.
edit: more riviting, edge of your seat Gary Johnson. He's going after the much sought after nutcase vote. Here he positions himself as a staunch states rights supporter. Didn't these guys get the memo about the Civil War, the 1960's etc? Maybe we should start a chain email.
http://www.youtube.com/watch?v=dkvodt98UYw