Yamamoto did say that he could only win for the first six months - an estimate that proved eerily accurate as events unfolded at Midway. The only prospect for Japanese victory was to smash the US fighting capability, grab all the bits of SE Asia they needed to acheive autarky, and then get to the table and agree favourable terms. IMHO, if the US hadn't been backing the Allied Nations and gunning for revenge, they might have got away with it. But Yamamoto was under no illusions about the need to win a quick victory. His main mistake seems to have been in misjudging just how far the US was willing to go to seetle the account...
EDIT: Diiddy, you read my mind mate
I think Yammamoto was more considering the US capabiity in the Pacific more than the potential. While he understood the US had what it took to fight a protracted war more than Japan did, IMHO, he was looking fore at the ability of the US to get Carriers back into the Pacific and functional around a battle group after he'd destoryed the main US base and such Carriers as were available in the Pacific. With the Carriers goin and Pearl Harbor destroyed, it would set the US back to the point the Japanese would have a free hand on their advance in the far east. For him the math was about him having 10 or so Fleet Carriers to the US 3 Fleet Carriers and strength in the battle line. I am not so sure the industrial capacity really got into it. As it was, the US took two years to get the next Essex types out to the Pacific.
Also, he knew his pilots and crews had seen combat, the US did not. That accounted for something.
On another note, while the US had a great advantage in bases on Allied soil in the begining of the Pacific war, it also forced the US to fight to protect those bases. Australia, for instance, was a great base for McArthur's drive in SWPA. Airpower, Subs and Logistics were centered there in the begining of the war. However, it also had to be defended which drew troops there in the first place. Those troops later went into NG and fought in places such as Buna.
But when you think about it, it may be a chicken and egg arguement with a tempering of "well, ya' gotta fight somewhere" and became a spring board on the way back to Japan.