" 1. America is a great nation. Selecting a President is a very important process. Having the first event of that process take place in Iowa is absurd. Ethnically Iowa does not represent the US. Iowa’s economy is not microcosm of the nation’s. Because the event is a caucus and not an open primary—well, that doubles the absurdity of the exercise.
2. A day is a lifetime in politics. The ultimate absurdity of this year’s election process has been dubbed the Super Duper Primary. It takes place on February 5 when twenty-four states are scheduled to hold a primary or a caucus. The Super Duper Primary is thirty lifetimes away.
3. Since 1976, winners of the Iowa Caucuses have not done well. Of the five most recent presidents, only one triumphed in the Iowa Caucuses the year he was first elected president—G. W. Bush.
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4. Over a hundred thousand more Democrats went to the caucuses than Republicans. Combine that with the electoral surge that the Democrats made in 2006 and you’ve got this: many Democrats are very happy right now, and there are more nervous Republicans than you can shake used Florida butterfly ballot at.
5. Huckabee and Obama won convincing victories. For that they garner the benefits of winning the Iowa Caucuses. In the hours after the caucuses, they will raise thousands of dollars. And the bright lights of free publicity will shine on them. The downside is that they will have a King Kamehameha-sized target on their backs.
6. In the immediate future, Huckabee has more challenges than Obama. Huckabee does not have the infrastructure in New Hampshire that he will need to make the most of his Iowa successes. There are not nearly as many evangelical Christians in New Hampshire as there are in Iowa. This group served as Huckabee’s base in Iowa. Republican economic conservatives loathe Huckabee. They’ll suggest Huckabee is crazier than a dog in a hubcap factory.
7. Huckabee and Obama gave very good victory speeches. But even here, the Democrats took the prize. Obama’s victory speech was incredibly good. More importantly it showed how unified and coherent his campaign is. Obama blended change, hope, and optimism into a whole that transcended anything the Republican candidates can deliver at this point. At this moment in space-time, Obama has the whole package: a Republican administration many dislike that Obama can run against, positions on issues that a majority of Americans favor, a sterling campaign, a Super Duper-sized recyclable container overflowing intangibles—he’s charismatic, he has a savvy wife with a winning smile, and two incredibly adorable children—and so much money he’ll be able to spend it faster than a jackrabbit on moonshine.
8. Senator Clinton took some very serious hits. Obama earned more votes than she did from the senators most prized constituencies: Democrats, women, Independents.
9. It’s refreshing that Edwards and Huckabee did well in Iowa—though they spent far less money than their opponents. (Huckabee won and Edwards came in second.) Don’t be derided by the talk of their success. Most of the time, in American politics, money remains paramount. After the New Hampshire Primary, money will be of tremendous importance.
10. The next stop in the absurdity we call the American political process is almost as bizarre as the first one. New Hampshire offers an open primary. This is a good thing. Voters may vote for any candidate. Sadly for those who prefer the absurd, this is not Cook County, voters will have to be alive to vote and voters will only be able to vote once. But considerable silliness remains. The primary is happening in a state that ethnically and economically does not represent America."
http://www.dailykos.com/storyonly/2008/1/4/145537/8428/587/430631 
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