I stumbled across an article posted a few months back by Tony Blankley, giving a very cogent and well-reasoned argument in favor of repeal of the 17th Amendment. He argues convincingly that while the 17th Amendment was passed in response to widespread corruption among Senators, all it actually achieved was to centralize the Senate corruption in Washington DC and make it worse, and to dilute the ability of voters to oust their Senators for corruption.
I was actually looking for a transcript of a Front Page show that I, again, stumbled across mention of, in which Blankley opined that the GOP is one election — or, rather, one major failure — away from death. His contention is that the Republican Party has blown it so badly in recent years that if they win big in 2010 (as they look likely to do as a result of voter backlash against Obama's policies), and then blow it AGAIN, the GOP is finished.
Blankley also opined, in another recent column, that we have screwed up so badly in Afghanistan politically, vacillating on support for Afghan President Hamid Karzai and then publicly humiliating him, that we no longer have the support necessary for a military victory there, and would be best advised to cut our losses and bring our troops home.
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And if it can't find one? Or if its base abandon it in disgust and form a new third party?
Or a new party will form that isn't burdened down by the GOP's political baggage.
Honestly, if the Republican party does fall apart, I don't think the Democratic party will be more than a term or two behind it. The Democratic party defines itself too much in terms of "We're Not Republicans" to long survive the death of the Repoblican party. As you said, it would schism into splinter groups. And maybe that would give the opportunity for a true centrist party to arise from the ruins of both.
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People have competing interests. People will split into camps to forward their interests. "Center" is an illusion. All "center" means for each individual voter is that that's not his personal ox getting gored.