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Originally Posted by The Squatter of Amon Rûdh
(Denethor) has been considering the struggle in terms of military strength and political alliance, so that he succumbs to despair just as his fortunes are about to revive.
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I think that Denethor saw this as a lose-lost situation for him. Either Sauron wins and D's out of power, losing his whole city in the bargain, or the forces of good win, the King returns to take his throne, and again D's out of power, now as a vassal to the true and rightful king.
For one so filled with pride as Denethor, this would be an untennable situation.
(resume lurk mode...)