First, Democratic enthusiasm has maintained - if not increased - the very high level we saw in 2006.  Well over 200,000 Iowans participated in the Democratic caucuses.  That's huge when you consider the previous record, set in 2004, was around 120,000.  Barack Obama is largely to credit for the increase.  It appears he was successful in his aim to widen the pool of participants.  This substantial uptick portends another difficult year for the GOP in November.

Second, Mike Huckabee is the real deal.  Sure, Iowa was won by a tremendous outpouring of support among Christians, but this nation - especially the red states - are full of Christians who have longed for a candidate like Mike.  Last night proved that the Huckabee appeal has an enormous ability to motivate and mobilize.  Regardless of his questionable fiscal credentials, he "shares my values" with enough folks in America who will get out and vote to make him a legitimate contender, not just for the GOP nomination, but also for the presidency.

Third, how I wish Barack Obama were a Republican!  I have to say the man is impressive.  I don't think I've been privileged to hear a more gifted orator in my lifetime, for sure not one running for office.  I was blown away by his speech at the 2004 Democratic Convention.  I was blown away once again by the victory speech he gave last night.  And at his age, he'll be a major force in American politics for a long time to come.

Fourth, Hillary Clinton is in serious trouble.  I predicted earlier that if Hillary didn't win Iowa she would be in trouble, and, indeed, she is.  I'm sure she has plenty of dirty tricks up her sleeve to spring on Obama, and she could still capture the nomination.  I think, however, at this point, it looks like she'll have to go dirty, heavy and often, to win.  She cannot beat Obama on substance, and she is no match for him on charisma and personality.  (Plus, she doesn't have Oprah in her corner.)

Fifth, again as I predicted, Mitt Romney underperformed.  He was perhaps the biggest loser of the night.  Unlike Hillary, who still leads in national polls and must contend with only Obama the rest of the way, Romney's troubles only get worse.  After the resounding loss last night, he now must go to New Hampshire - another 'must-win' that has recently gone south for him.  As it stands now, he almost certainly will not win there.  Those are two states where he was heavily favored just weeks ago.  McCain and Huckabee are rising, and Romney is fading.  And I haven't even mentioned Giuliani who waits in the wings to continue the clobbering once we get to Florida and beyond.

If Romney didn't have the vast fortunes to self-finance his candidacy, he would surely be out after New Hampshire.  Since he does, only his unwillingness to concede the inevitable will keep him in the race.  In truth, last night and his impending loss in New Hampshire (he could finish 3rd or worse there depending on how the Granite State reacts to Huckabee's win in Iowa) all but ended any hope Romney has of capturing the nomination.

Sixth, John Edwards is still irrelevant.  It's as if he's content to campaign in Iowa for 4 years, come in second in the caucuses, give a victory speech, and start the process over again.  Someone needs to tell him that runner-up in Iowa is not on par with winning the presidency.  Apparently, he hasn't grasped that yet.

Seventh, John McCain made some noise last night with a virtual third-place tie.  Yet, even though he should win New Hampshire, it is hard for me see how he can win the nomination.  I just don't see him overtaking Giuliani and withstanding the momentum Huckabee has in his favor.  I do believe that last night, assuming a McCain victory in New Hampshire, turned this race into a contest between three men - Huckabee, McCain and Giuliani.

Eighth, Thompson's late surge produced a third-place finish, but not the strong third-place finish he needed to solidify his chances.  I think we'll see the rumors of his departure are true.  Look for him to be gone soon after South Carolina.

Ninth, Ron Paul didn't do as well as I thought.  Still, 10 percent in Iowa isn't bad.  He will stick around until all that money runs out, but I don't think he'll have much impact going forward.  (I do think it is wrong for him to be excluded from any debates.  Twenty million dollars in campaign contributions has earned him a place at the table.)

Tenth, Iowa deserves it place as the first in the nation.  There's something quintessentially American about a smallish Midwestern state full of common folks getting to have a bit of additional sway over the election process.  I think Thomas Jefferson would be proud.

And so we're off.  I'm excited that things are underway now.  This will be one of the most interesting primary and general election seasons in a long while.  I have long thought this election would be an uphill battle for the GOP.  After the turnout last night, I don't feel any need to adjust that sentiment.