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As Anthony points out, Gravel cites as his reason for leaving the Democratic Party that it has strayed from the legacy of Franklin Roosevelt. So I suspect he may not fully grasp the libertarian thang ....
Here I go starting Ruwarchy! and Mike Gravel locks up the nomination the next day. He's sure to ride to victory on the wings of the single payer health care wing of the LP. ;)
Seriously, I'm delighted that he is helping to dispel the notion that libertarianism is just a brand of extreme conservatism, and being for a non-interventionist foreign policy goes a long way toward earning my respect.
Anyone who saw Gravel in the debates he was allowed in can not help but like him. So it is good that he will be at the convention. However, I think the candidate with the most potential impact is Bob Barr. He already has national name recognition and he might well provide a rallying point for anti-McCain Republicans. I very much do not want McCain to win, frankly he scares me.