The problem with the conservative base of the GOP is that they always split themselves up in the primaries.
The moderate establishment comprises about a 30% of the party. They have the money, the organization, and the liberal media always pushes their candidate in the primaries. If you're a moderate Republican, Huntsman was every bit as good as Romney, but the establishment stood firm behind Romney. Wasn't even close.
The conservative base allows itself to be torn in 3 or 4 directions (i.e., Newt, Santorum, Perry), thereby allowing the establishment choice to squeeze through and claim the nomination. Happens every time.
It goes with the territory. Conservatives are very indepdendent-minded and opinionated. Until we allow ourselves a brief opportunity not to be so individualistic, and align ourselves behind one conservative candidate, we're doomed to be the party's base without any voice, other than just staying home.