Here is the deal with Ron Paul: Ron Paul is a former flight surgeon and OB/GYN-turned Republican congressman with some Libertarian leanings ranging from sensible (ending the occupation of Iraq and the war on drugs) to the downright asinine (abolishing the Federal Reserve System, returning to the gold standard). Libertarianism has always had a strong Internet presence. This, coupled with the fact that college students spend a lot of time on the Internet, makes it clear why Paul is so popular with college students.
However, Paul holds a few curious positions that his libertarian supporters are generally either unaware of or unable to explain. He was the only person in Congress to vote against a resolution that would have prohibited the federal government from granting contracts to companies profiting off of the mass slaughter in the Darfur region. Why a Libertarian would vote against a non-interventionist, Libertarian policy is puzzling.
He also defines life as beginning at conception, which goes beyond the claims of most anti-abortion Libertarians who claim abortion should be an issue for states to decide. He also voted for that silly immigrant fence bill that would stretch from sea to shining sea.
Despite all this, Paul is probably the best the Republicans have to offer. He's one of the few candidates who doesn't constantly emit "I'll say anything to get elected" sound bites - and liberty dollars are prettier than U.S. currency anyway.