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I don't think it was the joke...
...the biggest factor I see is the competition. Who did he face in 04? Sharpton, Kusinich, Joe-mentum Lieberman, Dean, Gephardt? Dean polled strong early but it was clear he was not a national candidate. I think Edwards might have been the only other electable Dem candidate in '04.
in '08, Kerry would have to face a murderer's row just to get his party's nod: Clinton, Obama, Edwards, and despite currently polling at 1%, Richardson and his foreign policy resume looks as if he has some real substance behind his campaign.