Sure, but it's also the system that created a superpower, and frankly speaking, one of the places with the highest quality of life around the globe.
It's one of the few places around the world where you can pick up a phone and call your representative, and tell him/her what you think about something. It's not without it's faults. As I was pointing out a few days ago (with the withholding of information about campaign donors), I think there are some things that seem small but affect greatly the overall democratic system. You know also I'm a fervent supporter of privacy and freedom, and I frankly think as a country in the last few administrations we've veered dangerously towards destroying the safeguards that protect those items.
But I don't necessarily see it entirely as a flaw on the two party system. I think independents or third parties are as easily corruptible if needed be. In a way, independents are who decide elections, so you do have a third leg there in the system on a major role. The biggest problem I see right now is that both parties are not really on different sides of the aisle, and thus you have a big section of the population that feels completely unrepresented. It's definitely frustrating, but I also think it's a contemporary phenomenon, and I think one that will eventually tilt to the other side given time (IMO anyways).