So I just checked out their (federalist) official page. I'm not keen on a few things:

1) The name. Do they intend to essentially rebirth the same ideals? Where did they get us the first time?
2) Due to their ambiguity of future platforms, it seems open to an injection of political poison
3) They use language which seems to necessitate a very involved Federal government (should I be surprised, given the name?), instead of the more solid method of subsidiarity (wherein each level/sphere deals with its own issues unless it cannot[thus kicking it up the chain]; no encroachment from higher into lower without necessity, and no usurpation of higher sphere issues by lower spheres). Such a method as subsidiarity lessens the bloat as one goes "up".

They seem to have a Libertarian bent (which has moral problems), and further they seem to confuse not only the ability, but the duty, of the Federal government to enforce, with red hot 240B barrels if necessary, that states will NOT violate Constitutional Rights.