Given equal coverage by the MSM, RP would probably have done much better. But from the very beginning he was shunned as an "outsider" and "extremist" and "loony toon", and outside the internet, either no one knows who he is or they've gotten the wrong idea about him.
The majority of the general public hardly cares or knows anything at all about the election or the candidates. My own mother doesn't even know who's running and wouldn't mind seeing Bush get the job for a third time because she literally has no idea what's going on in politics. Most votes are more than likely based on trivial matters -- how moving a speech was, race/gender, familiarity, etc., which is great for the status quo, but very bad for people like Kucinich and RP.
As of yesterday's Obama money bomb, I've donated a little money to two candidates -- RP and Obama. RP talks a lot of sense yet has been labeled from the start as a nutcase. If that's all people hear about him from the MSM, if they hear anything at all, of course he has no chance of winning. That doesn't mean he's wrong or that his message doesn't and won't mean something.