I
do think the
average third-party vote is thrown away, at least in large races. The system is setup in such a way that Perot/Nader/Buchanen types hurt their ideological next door neighbor. This isn't just
election 2000 sour grapes, but can be seen in some scenarios for the CA recall and multi-party elections the world over. I'd rather vote for the person closest to my views who's
electable, my views are specific enough no one else shares them exactly.
Third parties need to stop blaming their failures on the media. The general mindset seems to be that they should begin their existence as a party on equal footing with the Big Two, at least judging from how they operate. I think they need to be more like small European parties, not Mini-mes of massive, long-established parties. I've known people who consider themselves activists for the Greens, Libertarians, Dems, and Repubs, and both Ls and Gs seem to think its grossly unfair they should have to raise money, make phone calls, knock on doors, develop name recognition, etc.
before they get media attention. Dirty little secret- a Dem or Repub that can't do any of that doesn't get covered, either. Media attention is the accelerant to be chased after, not a birthright to any wackadoo who declares he might run. Should
private media outlets be forced to spend
equal time on all candidates, regardless of how many, how popular, and how offensive/uninteresting to that outlet's core audience (BET covering Neo-Nazi parties)?
A good illustration of this is multi-party debates (which I organized in college). First off, most people who watch debates
between parties are committed activists- their political purpose acts to fire up the base. Still, the high-minded ideal is that debates are supposed to be substantive policy discussions- witness the Dem primary debates to see how in-depth you can get with 10 candidates.

3rd parties are currently invited into debates if they're doing well enough to be deemed as significant competitors, not just spoilers, but the come-all-ye-faithful approach would have netted 16+ (all The World Almanac 2002 mentions) candidates in 2000. 3rd parties, collectively, got less than 4%, so if the socialists joined the libertarians + commies + constitution party+ greens etc., they still wouldn't break the 5% sought by Greens. So this debate would either be very, very long, or very, very insubstantial, with 3/4 of the time going to parties that didn't manage 1/25 of the vote. I'm sure that will both increase public interest and knowledge in how they'll be governed after election day.
I think that third parties in the U.S. need to learn to walk before they can run away with the Presidency (fat lot of good it'd do someone without any allies in Congress). Run for more lower offices, organize better online, force concessions for coalitions with the Big Dawgs. Be creative and don't copy the old parties. Then the media will cover you.
If you build it, they will come.