http://www.electionmethods.org/IRVproblems.htm
BTW, under plurality voting, if your voting preference is Nader, Kerry, Bush, then a vote for Nader is mathematically a vote for Bush if Nader is below both. Sorry, Raoul Duke.
Instant Runoff Voting (IRV) has been officially endorsed by several organizations and is gaining momentum. Unfortunately, however, confusion reigns regarding its advantages and disadvantages. IRV is very good at preventing minor parties from interfering with the two-party system, but it is arguably no better than our current plurality system at expanding the two-party system and giving other parties a chance to actually win elections. Furthermore, if a third party ever does become strong enough under IRV to seriously threaten the two major parties, they could hurt their own cause and wreak havoc with our entire political system, just as they could under our current plurality system.
IRV can prevent the spoiler effect, in which a minor party splits the vote with a major party and tilts the election toward the other major party, hurting its own cause. IRV therefore seems to allow supporters of minor parties to cast protest votes without "wasting" their votes. This advantage is illusory, however, because it applies only as long as those minor parties are sure to lose. As soon as one of those minor parties threatens to become a major party and actually win, its supporters vote for them at the risk of hurting their own cause, just as in the current plurality system. Under IRV, votes for minor parties are therefore symbolic at best, or dangerous at worst. An example will illustrate why.
BTW, under plurality voting, if your voting preference is Nader, Kerry, Bush, then a vote for Nader is mathematically a vote for Bush if Nader is below both. Sorry, Raoul Duke.