The two party system as we now see it in the USA is problematic. The partys themselves have too much power and control about the way things are done. It is interesting to contemplate that we could abolish the entire party hierarchy without amending the constitution or passing any laws. It is entirely outside of the bounds of the Constitution. I don't know how we might go about it or how it would work but accomplishing that might be a good goal for the Tea Party and the OWS crowd to get together on and make some progress.
Just a thought.
An afterthought: While the 2 party setup we are currently using is not working well for us. It is probably infinitely better that would be a one party system 🙂