Newt Gingrich : The Next Flavor of the Month?

Newt Gingrich has found himself in a position no one had thought possible.  He is considered one of the frontrunners of the 2012 campaign.  This is the same Newt Gingrich that everyone wrote off when most of his campaign staff quit en masse.

Why has he found this popularity, is it real and will he be able to overcome his past problems and a well funded Mitt Romney?