Here is BVP's rationale:
1. Newt does a great job of articulating a Christian-historical POV and he's transformed his life from a serial adulterer to a presumably former serial adulterer.
2. "Some people believe Newt is the best prepared to lead."
3. He's not Mitt Romney.
Keep in mind that BVP and The FAMiLY Leader insisted that those seeking their coveted endorsement sign off on their multi-plank "Marriage Vow" by August 1, 2011. Newt is still in negotiations with BVP over modifications to his version of the Marriage Vow before he'll sign off on it. Just a guess, but maybe Newt is concerned over the vow to practice personal fidelity to his current wife (unlike the two that came before her). BVP's endorsement might also have to do with Newt's monetary contribution of roughly $350,000 to last year's election-time campaign to recall three of the Iowa Supreme Court justices who overturned the state's DOMA law.
There are many candidates like Santorum and Bachmann who clearly and consistently represent BVP's and The FAMiLY LEADER's beliefs and goals much more than Newt ever did. If they end up endorsing him, they will demonstrate that they are not really out for bolstering and protecting "the family" (minus those pesky gay families), but are instead opportunists solely interested in supporting the more politically viable candidate -- even if his actions as a husband have clearly and consistently contrasted with their own family values.