I personally believe that the Tea Party movement has some sound principles behind it, like a more limited government, reduced spending, fewer entitlement programs, and return to the fundamentals of the constitution all align with my own personal beliefs. I do think that the federal government has overstretched its bounds and that a considerable scaling back and "weeding out" of corruption is needed.
My concern with the Tea Party movement is that it has yet to truly centralize and get some semblance of structure. It needs to find itself, so to speak. I see a bit of structure taking place, but it needs to find definite leadership and a concrete party platform before I could see it as a credible institution. Though the movement has stated some fundamental principles, like those I mentioned above, it still seems to primarily convey as its main platform a general dissatisfaction with the current government. This expression of dissatisfaction with government has attracted some genuine radicals to the movement.
There has been a push for the movement to actually become a viable political party that presents candidates for elections. I fear that until the movement becomes more credible, what will actually happen is the Ross Perot effect, where the Tea Party candidate pulls some of the conservative Republican and Independent votes away from a conservative Republican candidate, thereby splitting the vote and paving the way for a more liberal candidate to win the election.
I am not opposed to the idea of the Tea Party becoming a genuine political party, but the structuring and weeding process definitely needs to take place first if any credibility is to be expected.
It is unfortunate that the current media has done all in its power to put a negative light on the movement. Any protest, rally, or political gathering will likely include a few wackos on the fringe, but in the case of the Tea Party movement, the liberal press will do all in its power to make the few bad apples appear to be what comprises the whole barrel.
In the light of the way the media is portraying the movement, the leaders of the Tea Party (once some genuine leadership materializes), need to make an intense effort to weed out the people who are counterproductive to the movement. A definite platform will help such a process. If the tea party picks what principles it will stand on, then the people who aren't in agreement with those principles will gradually fall out of it.
Members of the party, especially at public gatherings, need to do all they can to keep members of the movement who are or may be on that fringe (true right wing radicals do exist) in check. The signs below were photographed at the rally in Washington D.C. on March 21st.

Though I'm sure that the general movement does not support blatant threats of violence or such derogatory images of our president, these are the people that the media will focus on until the movement weeds them out. And until these people are removed form the party, the party will have no real credibility in the political arena.
In my travels for work, I encounter people from all walks of life. The majority of people I work with, however, are strong conservatives. Among those individual, I have encountered quite a few who claim to be a part of the Tea Party movement. Some of these individuals have said seditious things against the government to include wishing our current president dead. Such views have no place among those claiming to be good citizens and are in no way patriotic.
That said, until those people are weeded out of the Tea Party, I do not feel that it will be viewed as a credible institution, but rather will be seen as a destructive force.
I feel like I should reiterate that the Tea Party movement can do some good for our country. A revitalization of the conservative strains in the citizenry of our country is in my view necessary. The Tea Party can be a catalyst in such a revitalization. Whether the movement becomes a driving force within the republican party, its own political party, or whatever else, as long as the bad apples can be weeded out and as long as the movement finds its platform and becomes a more viable movement, it could have a great future.