(#1) He’s likely to be the last man standing except for Romney—and Republican voters just don’t like Romney.
But they don’t like Gingrich either; so why might he win? That brings us to:
(#2) He’s not afraid to confront Obama.
In fact, that’s been Newt’s emphasis from the start of the campaign, in most of the debates. Even now, when the focus is on the fight among the Republicans, Gingrich is taking it to Obama.
One of the many reasons so many Republicans are still angry at John McCain for the campaign he ran in 2008 was his almost palpable fear of criticizing Obama. Gingrich will have no such problem, and it’s because Gingrich is unlikable rather than despite that fact.
(#3) His skeletons have been out of the closet and rattling around for so long that they’ve almost turned to dust.
I haven’t a clue whether Gingrich can actually pick up enough moderates to win the 2012 election. But right now he seems to be on track to get the chance to find out.