He won't "fizzle" out as most people that support him support him are almost unwavering in their support. There simply isn't a lot to smear in the GOP campaign really as he's a pretty kind and respected old man who has never been entangled in any political or personal scandals that we know if. Generally, the more people learn about his positions the more they like him. They have been attacking him at full force the last couple weeks over Iran stuff but most people, even Republicans, agree about bringing the troops home and ending these wars. It simply hasn't worked. Then they have tried the earmark stuff which has fallen flat too.
Now, the newsletter thing will probably resurface again but they've been trying to get him with that since he returned to congress in 1996 when Newt Gingrich was backing the democrat against him. Didn't work then, shouldn't work now. Most people admit he didn't write the thing, it doesn't sound like him at all. Honestly; Hannity, Gingrich, Beck, etc. all say worse things almost every week so I can't see how it would excite to many people. It can be pretty easily brushed off as he didn't write it and is actually against racial profiling unlike GOP counterparts. Ron saying Bachmann and Santorum hated Muslims and gays on Jay Leno may prove to be a rather shrewd move. Hannity tried to stir this stuff up again at the last debate and got slapped down.
The GOP establishment really is in panic mode right now since they can't ignore him anymore and they can't turn his supporters off or they'll lose the election. I think they'll try to unify behind Romney as "the only guy that can win" and simply try to beat him out in the big primary states and get the most delegates at the convention. It has to be Romney, he's the only one left that they can honestly say has a chance in the general election. Whoever says Ron is unelectable is pretty much talking out of their butt at this point since besides arguably Romney, he preforms better than the rest of the GOP field. He's the only candidate that can win independents and peel off Democratic voters.
I could see the left leaning media toying with positive coverage of some of Ron's appealing positions such as the war, civil liberties, and opposition to corporate welfare as an alternative to a primary challenge to Obama. I'm under no illusion of what would come in the general election tho, he'll go from the sensible trustworthy Republican in the primary to a monster who wants to push grandma over a cliff and repeal all civil rights legislation.
We'll cross that road when the time comes tho. I think we're at an interesting time in terms of media. A Ron Paul victory would, in my opinion, mark the end of the relevance of the Old Media.