That might be a half-respectable position, if libertarians were against all concentrations of power. But they're not. They're more than happy to give corporations and individuals all the power their money can buy them. Also, libertarians have plenty of scorn for what the government does wrong, but little respect for what it does right.
The EPA, before the anti-EPA right wing nuts of the bush administration took it over, was doing good work, like trying to keep mercury out of our water. Of course, under the "pro business" bush administration, they've undermined such protections and declared that mercury and other toxins in our water aren't so bad after all and raised their acceptable limits in water (which is just a small sample of the outrageous "pro business" bullshit the bush administration was guilty of).
I happen to enjoy the National Parks in the US, as I think many Americans do; and I, for one, am glad that they're in public hands instead of the hands of the corporations. Yet Bush appointed people to head the National Park service who had explicitly expressed their opposition to even the existence of National Parks. And they've proceeded to sell off public lands and undermine the protections of the National Parks by granting more permissive logging rights to corporations and by watering down environmental regulations.
Now on to the FDA, which does a pretty good job of protecting the quality of the food and drugs it regulates (though in my opinion they are not nearly strict enough, because in many cases they in bed with the corporations and are underfunded, so consequently their regulation and enforcement is not nearly strong enough).
All the "pro-business", anti-environment, and anti-public-property abuses of the Bush administration would be increased a hundred fold if the libertarian vision ever came to pass. The libertarians would get rid of the EPA, the FDA, and sell of the National Parks. The corps would be free to pollute our air and water, kill off all endangered species, and the corps would be free to "self-regulate" the food and drugs they produce (meaning a free-for-all for a quick buck at the expense of public health).
And the above doesn't even begin to address the havoc libertarians would wreck on our education system (turning it in to even more of education for the wealthy than it already is), and destroy the few vestiges of a social safety net that America has managed to save despite many decades of assault from the "small government" crowd.
Basically, what libertarianism really amounts to is the attitude that there should be even more concentration of power in the hands of the wealthy, and the poor can go fuck themselves.
In my youth I was drawn to libertarianism (and I still agree with a few of their positions, such as their opposition to the War on Drugs), but as I've learned more about politics and history I see that the vast majority of those who will benefit from libertarianism are the wealthy, which is one reason (another is his racism) why Ron Paul could sneak in as a Republican candidate, where he wouldn't have stood a chance as a Democrat.