Newt doesn't really seem electable. He's a stuffy old white guy with a snooty, condescending attitude. He also sorta looks like the Stay Puft Marshmallow Man. He would do well in any debate with Obama, but that's moot because the media would just spin it the exact opposite way.
In fact, every news story from now until the election will basically be, "Stuff That Makes Obama Look Good." Like how this latest payroll tax bill was spun as a huge victory against the Republicans for an exhausted Obama who now gets to go on his much-needed vacation and play golf in Hawaii.