Years ago I remember reading an article claiming that, according to some Pew research poll or another, the most common (maybe not a plurality) political disposition among Americans was socially liberal, fiscally conservative. Unfortunately, neither party caters to this segment. The Democrats are socially liberal and (historically, at least) fiscally liberal; the Republicans tend to be socially conservative and (based on the last couple of decades at least) fiscally batshit crazy liberal, despite having a platform calling for the exact opposite of that.
The libertarians might be the Republicans' salvation, in that many of them actually do resemble the mythical socially liberal/fiscally conservative politicians, at least if you squint hard enough. While I don't agree with them 100%, I would definitely rather have the libertarianish Republicans being the dominant force in the party than theocons, who just seem utterly repugnant to me.
On the other hand, the Democrats could benefit hugely if any disaffected libertarians switch parties. I don't see any more cognitive dissonance between libertarians and Democrats than I do libertarians and Republicans, honestly. For whatever reason people think of the Republican party as being the natural home for people with libertarian tendencies, but that doesn't seem any more set in stone than the South voting solid Democrat.
Most people don't remember this, but the South voted Democrat consistently prior to 1964. When the Democratic party supported the Civil Rights Act, the evangelical voters switched en masse from Democrat to Republican. The evangelicals weren't any more married to the Democrats than the libertarians are to the Republicans, IMO. In both cases, neither party really represents the values that the voting bloc really care about, so their loyalty is more based on expediency than alignment of political principles.