Part of the problem was that pundits, with no statistical theory backing them up, pushed the idea that 50% approval was needed for re-election. The thing that troubled me was that there was NO historical data above the low 40s - above 50 and some of the disapproval HAD to be on the libertarian/conservative side (like Buchanan) - who would never vote for a Democrat, much less John Kerry, who challenged Nixon's war. This year, Daily Kos addressed that in a poll where they questioned the "disapprove" to see if they would definitely vote for Obama, lean to Obama, lean to Rep, definite Rep. I can't remember the exact numbers, but there was about 4% definite Obama. Bush never fell below the high 40s.
Prosense once posted the fundamentals model and it was impressive how much Kerry beat expectations.
However, I do think the SBVT hurt Kerry because as Beachmom once pointed out, it raises questions about his character, integrity and cut into the idea that he was a man, who excelled at thoughtful leadership. In addition, the silver star story showed a thoughtful man who spent time trying to figure out how to escape the canal ambushes, talking through his ideas with peers and his crew, then sold the idea to the other officers - and when they faced the need to do so, they implemented it. What more could you want from a leader? The type of hero he was was what was important. (Though DK readers likely forget it, even they were impressed when they learned Kerry's really history -
http://www.dailykos.com/story/2004/08/11/43511/-Former-GOP-Sen:-Kerry-saved-my-life This begs the question why Kerry is STILL the only major party nominee that the three networks did not do puff piece biographies on. Yet his story would be unbelievable if it were fiction.)
I don't think the flip/flop chargewas that successful - because there was not a list - as Kerry cited for McCain or that backed why Kennedy called Romney multiple choice. Not to mention - how can you be the most liberal - and - inconsistent.