On one hand, the thought of Gingrich being even remotely close to winning the Presidency of the United States of America. If the thought of McCain being POTUS would be enough to send a "cold chill" down our spines, the prospect of Newt becoming President should provoke widespread panic.
OTOH he's got so much baggage and bombast that he is more likely to self-destruct before the GE is over and Obama could very well run the tables everywhere but in the deep south (though some polling has suggested that Obama could potentially flip TEXAS if Gingrich were the nominee, so........). Newt is basically a more intelligent, politically saavy male version of Sarah Palin (except on steroids) and people were (rightfully) freaked out about her being a heartbeat away from the Presidency, so Newt would likely scare people away, especially the moderates and indies. Newt's advantages would be that he would excite the Republican "base" but he'd also rally ours as well.
I'm not complacent and I'm sure the Obama campaign isn't either but if anybody could single-handedly blow the chances for the Republicans to win back the WH and Congress in 2012, Newt would be thy person IMHO.
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