Ed Morrisey makes an interesting argument: that Newt Gingrich is looking to run in 2012, not 2008. Most compelling point: why indeed say you won't run unless you raise $30 million in three weeks (an impossible goal)? Seems like it's set up to fail. But it could allow Newt to begin setting up an organization and a constituency that could make the real run (against Hillary, Newt suspects) in 2012.
It could be a real candidacy of ideas and principles, or so Mr. Gingrich keeps suggesting (no matter when he runs) and if he's serious about that, more power to him. Although I of course don't think the 2008 election is a lost cause for conservatives; far from it.