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Someone who values their freedom, hates the government interfering in their lives, but also doesn't trust the private sector to always do the right thing. On economic issues, they're a capitalist with reservations. They realize, for example, that quite a few people do need money to pay for healthcare, but on the other side hate the idea of socialized medicine. On most other issues, they believe in the "live and let live" libertarian philosophy. All liberaltarians oppose the idea of America policing the world, and also support the idea of a government that doesn't interfere with the personal lives of its citizens. Overall, liberaltarians are socially liberal, fiscally moderate noninterventionists. Somewhere between Ron Paul and Dennis Kucinich.
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