It's about who recently joined (e.g. Rupert Murdoch), who finances it, and what specific campaigns it has been involved in (e.g. tobacco). All this is not relevant to basic libertarian ideology, but rather to how it is currently being used and by whom.
That said, I want to add a non-rigourous comment to the current discussion about what ordinary (i.e. non-Murdochian) libertarians are like. My experience comes from academic settings. Libertarians there seem invariably to believe in some kind of meritocracy. However, they are disillusioned by institutions that pretend to determine merit these days. The market, they think, is a better institution than academic rigmarole or civil service exams or old buddy systems or affirmative action laws.
For many of these, I'll venture the prediction that sooner or later they'll become disillusioned with the market as well, and the marketing that goes with it. However, they will never become leftists. Merit, together with a constellation of surrounding concepts, is just too important, too central to their thinking about people and society.
Michael Brun