More likely they will join the Libertarian Party methinks -I can't see any self-respecting libertarian Republican (think Philip) joining a party that they have long perceived as being more in favor of big government than the GOP.
The libertarian party isn't going anywhere. If a
moderate 3rd Party like Reform couldn't make gains they definitely won't because, sadly, they are mostly extremists. In the short term there will probably be a continued rise in Independents though... Probably from departing from
both sides if the last 8 years are any indication.