That is a regular topic here and there. The point of democracy is the ability to change that bipartisan system. Yes, it is obsolete and very inefficient, working mostly as a deceit for the actual oligarchy.
Lets presume, that you are talking about the US example (there are a couple more, yet that one is the most representative). It is very flawed and by itself since the lack of real competition for representation and very similar ideas among both the parties establishment, most differences are more like ripples on the surface and do not represent conceptually different ideas, if you compare them even to EUs political diversity [US is very much like Russia or China, and that was arguably the only historical way for that large countries, where strong diversity in the public politics might likely cause country separation, as it happens to empires]. It is even more flawed cause of historical predisposition and lots of obsolete practices in both the whole voting procedure, the legislation and general governance. Many things such as gerrymandering, nominations, campaign funding loopholes, lobbying and many others are the bad heritage yet to overcome by next generations. Most of these things are indeed undoubtedly harmful for both the democracy and the society, yet they have and will have their vested advocates. And the bipartisan system has those advocates, saying it is what it is, it is a tradition and a very strong and efficient governance tool, and that you can leave, if you don't like it. My position is that it can, shall and has to be amended alongside with changing the electoral rules and legislative procedures, which would include regular referendums to amend and pass the most important laws and popular private law initiatives (as it is done in several countries, e.g. Switzerland). Taking modern state of decentralized technologies, the last part looks like a piece of cake.
I agree with this. Bipartisan system is definitely obsolete but it also has it's merits. Such as projects or principles from previous administrations could actually be continued to the next because they have the same party. Although this could also be done in a non bipartisan system if politicians don't have a pissing contest with each other and put their constituents' needs before their pride and aknowledge a good project when they see one. Then again, I don't know much of the inner workings of the government.