From NBC/NJ's Athena Jones
NASHUA, NH -- Fresh off a devastating third-place finish in the Iowa caucuses, Clinton changed the rules of engagement at a morning rally at an airport hangar here, just hours after her plane touched down.

After spending the last few weeks focusing heavily on her ability to be a change agent, what the senator changed on Friday was her approach to relating voters. Clinton, who was introduced by her husband, gave a speech that seemed lighter and more nimble than her most recent outings. In it, she listed some of her goals and accomplishments quickly -- rather than spending several minutes on each point. The senator also was joined on stage by her daughter Chelsea, an ever-present (albeit silent) figure on the stump in recent days.

After just 10 minutes of laying out her case, which focused on her ability to solve the big problems America faces, the need to reclaim the future for young people, and her experience withstanding Republican attacks, Clinton opened the floor to questions from the crowd.

In a way, it was a return to the original promise the senator made in the video announcement of her candidacy months ago. She tried to have "a conversation" with voters, and she started by listing some of the state leaders backing her candidacy, noting that there were only five days before the primary. 

"It's a short period of time but it's enough time. Time for people to say, 'Wait a minute, Number one, who will be the best president for our country?'" She said. "And who will be able to withstand the Republican attack machine?"

Clinton then told the audience she wanted to know what they wanted to hear from her over the next five days. It was a marked contrast to the previous several days in Iowa, where she allowed audiences few chances to quiz her. Clinton answered about half a dozen queries on issues ranging from health care to electability to the economy. But as is often the case at her events, the questioners had no microphones, which made them hard to hear and allowed her to summarize their concerns.
 
In his brief remarks, Bill Clinton highlighted the importance of New Hampshire, the state that made him the "Comeback Kid" in 1992. "New Hampshire is gonna be given the chance to prove that you are the first primary," he said to the cheering crowd. "You're going to be given the chance to show your well-known and deeply deserved independent judgment."

Despite the less rehearsed approach, what began as a high-energy rally during the former president's remarks, seemed to turn somewhat wonkish when his wife began the Q&A, with her responses including fewer applause lines than usual.

In addition to taking questions from the audience, Clinton spokesman Jay Carson indicated there would be no shortage of opportunities for the media to question the senator this week, a change in strategy that the national press has long been awaiting. Her staffers also said to expect Clinton to target youth voters more in New Hampshire than they did in Iowa. This makes sense since Obama had a huge advantage with young voters in Iowa. But Clinton's reference to young people in a variation of her 'demanding versus hoping versus working hard for change' line sounded out of place.

"This is especially about all of the young people in New Hampshire who need a president, who need a president who won't just call for change or a president who won't just demand change, but a president who will produce change just like I've been doing for 35 years," she said.

From NBC's Chris Donovan
The results of the Iowa caucuses reveal that conservative Christians remain a powerful force in American politics," Dobson said in a statement. "That had to be a great shock to those on the far-Left! The New York Times wrote a demeaning obituary of Values Voters in an article called 'the Evangelical Crackup.' CNN piled-on, proclaiming the demise of the 'old values'... Sixty percent of the voters in the Iowa caucuses were self-identified Evangelicals, and 45 percent of them supported Mike Huckabee. The former governor may not become the eventual Republican nominee, and I have not endorsed him, but what happened there last night was evidence of an energized and highly motivated conservative community. Not bad for a supposed bunch of demoralized, depressed, disillusioned and disengaged Reaganites."

From NBC/NJ's Mike Memoli
MANCHESTER, NH -- It wasn't quite the breakfast of champions. But it'll have to do.

After enduring a battery of television interviews this morning, Huckabee made a beeline for the buffet breakfast at the Homewood Suites hotel near the Manchester airport. Balancing the excitement of a resounding caucus win with the fact he hadn't slept at all, Huckabee seemed bewildered by the idea that someone would want to film him dishing some eggs and bacon. 

"Never had such an exciting breakfast in my life," he joked to the cameras.

With a full plate, Huckabee then retreated to his hotel room, presumably to eat and then catch up on sleep before an afternoon rally in Henniker today. 

Most of the interviews Huckabee had with network and cable morning shows seemed to include a question or two about his support among evangelicals, and whether it would translate in New Hampshire. Chatting with strategist Ed Rollins after one hit, he made note of the fact that the Democratic race seemed to be getting more coverage, and that his victory was being explained away as a religious thing.

So when possible, Huckabee tried to highlight the fact that his campaign was not a "one state wonder." He cited polling in states like Delaware and Florida that have him in first place, and claimed his message of overhauling the tax system was connecting in New Hampshire. "We're surprising in states where I shouldn't be polling that well," he said on "Morning Joe." "You can't just say that that's just this group of evangelicals. But frankly, even if it were, and I could win the election, I could live with that."

From Chuck Todd, Mark Murray, and Domenico Montanaro
MANCHESTER, NH -- The biggest single change from yesterday to today is this: Barack Obama is the new front-runner. And with that distinction comes a lot, including: increased scrutiny, higher expectations, and a big fat bullseye on his back. Obama thought he was under a microscope before? He ain't seen nothing yet. But as recent history has shown, being the front-runner after Iowa isn't a bad place to be. Four years ago, John Kerry took a single victory in Iowa, added a scoop of Dean scream, and turned it into a rout for the nomination. Team Obama hopes to ride this same wave, which may be bigger and stronger since he appears to be the first serious movement candidate with a shot at the nomination since McGovern. The calendar is certainly on his side. By the way, a few months back, we had an Obama partisan tell us that if Obama won Iowa substantially, the endorsements would start rolling in. How many reporters have already emailed Kalee Kreider asking her Al Gore's whereabouts?

*** More than an eight-point win: The Clinton campaign late last night was dismissing Obama's victory as an eight-point win. "Judging the entire nominating process on eight percent of one state is a dubious exercise," said Clinton spokesman Jay Carson. But if not for the arcane caucus process, Obama's win would have been MUCH larger. If it had been a normal primary, Obama's margin of victory might have been 15-20 points. It wasn't close. And remember that Kerry beat Edwards in 2004 by just six points, 38%-32%.

*** The referendum on Bush: Obama and Huckabee, of course, are the big headlines from last night. But the person who had perhaps as great an influence on the outcome was the guy who -- it was joked -- wasn't even going to watch the results: President Bush. ("What time do all the results start coming in?" White House spokeswoman Dana Perino asked yesterday. "Because he goes to bed early." Perino today told NBC's Savannah Guthrie that Bush DID watch the results.) After all, would a message of hope from someone who hadn't even served in the US Senate for one full term would be resonating right now if Bush's approval rating wasn't in the 30s? Or what about the appeal of an easygoing, likeable former Arkansas governor who seems the farthest removed from the Beltway Establishment and who also hasn't always said kind things about Bush? Yet the biggest sign of Bush's influence last night was this result: a whopping 239,000 people participated in the Democratic caucuses, compared with 116,000 for the GOP. 

*** Reinventing Hillary: Clinton's classy concession speech should buy her some time from some of the media vultures that are circling. The campaign has to deal with a couple of things that may be hard to control: 1) Keep Clinton staffers from talking on background (at least until New Hampshire's over). By the way, should we read much into the fact that Mark Penn was NOT with the candidate this morning but was with the press? Does the candidate want Penn around right now or not? 2) Try and tamp down expectations here in New Hampshire. Was she ahead in this state as of yesterday, and if that's the case, does that skew her expectations making second place a disappointment? A few weeks ago, we got the impression New Hampshire was already a dead heat, but a number of public polls had her ahead as of yesterday. Also, just how does the campaign pivot on message? Stick with the experience to bring change mantra, and hope that Obama makes a rookie mistake so that voters decide that experience matters more again? What about women? The fact that there was such a generational divide in her support in Iowa is something the campaign needs to avoid here.

*** Single elimination: Can either Romney or McCain survive in this race if they don't win New Hampshire? Probably not. In fact, one might say New Hampshire is a single elimination tournament for the two one-time frontrunners. Romney, in particular, can't afford to go 0-2, and McCain can't keep his media base buying into the comeback story if he doesn't produce a win. McCain was a disappointing 4th in Iowa. And he seems ready to get into a brawl with Romney but is that something either candidate wants? See below…

*** Brand equity: The one thing the two winners of Iowa have in common was their ability to create, keep, and strengthen the brands they set out to develop when this campaign began. Both Huckabee and Obama set out to change the tone of their respective primary campaigns, and while both almost got tempted to get into a brawl when things appeared darkest, the two resisted and the gamble paid off. It's a stark contrast to Clinton and Romney, the two one-time front-runners, who seemed to change their message every six weeks to respond to a new challenge or challenger.

*** Other winners and losers: The other winners from last night: Des Moines Register pollster Ann Selzer, Obama Iowa aides Paul Tewes and Steve Hildebrand, grassroots evangelicals, and Clinton deputy campaign manager Mike Henry (who famously argued that the Clinton camp should skip Iowa). Among the losers were the pro-Clinton Emily's List (Obama won the female vote), pro-Clinton AFSCME, pro-Edwards SEIU locals (which ran those 527 ads helping the former North Carolina senator); and the Club for Growth (which inundated Iowan airwaves with ads trying to stop Huckabee and didn't). This is the second-straight cycle in which AFSCME and SEIU -- which then backed Dean -- didn't fare well in Iowa. And just asking: When is Club for Growth going to start actually winning some big battles? While the group can point to some recent congressional wins, Steve Laffey's loss last year in Rhode Island (wounding Lincoln Chafee in the process) and Pat Toomey's defeat to Arlen Specter seem to overshadow those victories. And now they can't take down Huckabee in Iowa...

*** On the trail: The game now moves to New Hampshire… Clinton has already attended a rally with her husband in Nashua and hits the New Hampshire 100 Club Dinner in Milford; Edwards already held a rally in Manchester and campaigns there and then in Portsmouth; Huckabee plays with a local musical band in Henniker; McCain stumps in Hollis, Hudson, and Nashua; Obama, as of this writing, is rallying in Portsmouth and later rallies in Concord before attending the 100 Club Dinner; Richardson also does the dinner, as well as campaign across the state; and Romney has already stumped in Portsmouth and travels to Concord and Manchester.

Countdown to New Hampshire: 4 days
Countdown to Michigan: 11 days
Countdown to Nevada and SC GOP primary: 15 days
Countdown to SC Dem primary: 22 days
Countdown to Florida: 25 days
Countdown to Tsunami Tuesday: 32 days
Countdown to Election Day 2008: 305 days
Countdown to Inauguration Day 2009: 382 days

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It was Obama 38%, Edwards 30%, Clinton 29%, Richardson 2%, Biden 1%, and Dodd 1%.

The big story on the Dem side was turnout. The more than 2-1 Dem to GOP advantage among caucus-goers has to have the folks at the RNC depressed, since Iowa is a swing state (which Bush won in 2004!). The New York Times: "A record number of Democrats turned out to caucus - more than 239,000, compared with fewer than 125,0000 in 2004 - producing scenes of overcrowded firehouses and schools and long lines of people waiting to register their preferences."

The http://www.desmoinesregister.com/apps/pbcs.dll/section?category=PluckPersona&U=3a86a5c341684631abb59d87c02a2df8&plckPersonaPage=BlogViewPost&plckUserId=3a86a5c341684631abb59d87c02a2df8&plckPostId=Blog%3a3a86a5c341684631abb59d87c02a2df8Post%3ab3 ">Des Moines Register's Yepsen has his final say on the Iowa caucuses. "Obama's big victory may well slingshot him to the nomination and the White House. He comfortably beat the national frontrunner, Hillary Clinton, who finished third. She's left reeling and the second place finisher, John Edwards, wound up exactly where he was four years ago: In second place." More Yepsen: 'Obama's going to be a hard guy to stop."

Obama was wheels down at Portsmouth Air Force Base in New Hampshire at 4:31 am ET -- the winds of victory at his back, NBC/NJ's Aswini Anburajan reports. On the flight, Obama told reporters that his "spirits were good" and that he felt the turnout in the Democratic caucuses had vindicated what his campaign had claimed about engaging new caucus-goers, young voters, and independents.

"It really was a victory for the people of Iowa that I think it's a harbinger of what's going to happen around the country," he said. "We went to a precinct and just shook hands as people were walking out. You had high school kids that had never caucused before. You had middle-aged folks who said they'd never caucused before who said they were coming out to caucus for me. You had folks who said I'm switching my party registration in order to caucus. It was just across the board."

Per NBC's Andrea Mitchell, at an off-camera briefing aboard the Clinton plane, strategist Mark Penn attributed Clinton's loss to the unprecedented turnout of younger voters. He said they got the voters they'd targeted -- but "the difference is the under 30 group turned out." He suggested they would fix that in New Hampshire "by making clear that she was about change for all generations."

How do you neutralize Obama's message? "I think her appeal as we move forward will be broadened for all generations." Penn said they have a major debate Saturday night, and that she did very well with the older generation of women. "We have to make the argument that she represents change for all generations of women."

Before taking off at 1:30 am ET, NBC's Mitchell adds, Clinton spokesman Jay Carson explained the loss this way: "It's going to be a long campaign. We've always known Iowa would be difficult for us. We're going to see this as an isolated example." Carson also suggested that gender explains her defeat, noting that Iowa is a state that never elected a woman to Congress or the governor's mansion. When Mitchell followed up by noting that Obama beat Clinton among women (according to the entrance polls), he replied that older women supported Clinton. Carson quickly added,  "Look, [Obama] had a great night tonight. We're not going to take anything away from him." More: "Judging the entire nominating process on eight percent of one state is a dubious exercise."

Edwards, who took second in Iowa, said, "The status quo lost and change won. And now we move on, we move on from Iowa to New Hampshire."

From the hometown paper, the Raleigh News & Observer: "A weakened Edwards will carry on."

With 96% reporting, it was Huckabee 34%, Romney 25%, Thompson 13% (15,521 votes), McCain 13% (15,248), Paul 10%, Giuliani 3%, and Hunter 0% (515 votes statewide).

The Boston Globe: "The loss to Huckabee represents a major blow to Romney, whose planned path to the Republican presidential nomination always began in Iowa." And: "Huckabee faces a tougher fight in New Hampshire, where there are few evangelical Christians. But the Arkansas lawmaker, pointing to polls showing him performing well in states like South Carolina and Georgia, hopes to use Iowa to build a national groundswell of support."

The AP's Liz Sidoti adds, "Evangelical Republicans in Iowa chose one of their own in Mike Huckabee." More: "But the looming question is whether the Southern Baptist minister turned decade-long Arkansas governor is strong enough to triumph outside friendly Iowa territory, and go the distance to the nomination."

NBC's Kelly O'Donnell says that Huckabee landed in Manchester about 3:50 am ET. On the plane, surrounded by cameras, he spoke to reporters on the record for a while and was all smiles. Huckabee described how he had been in the air traveling from Waterloo to Des Moines when the early caucus results were pointing to victory. He and wife Janet explained how their blackberries were buzzing madly upon landing with word from staff and friends that they had won. With a big smile, he claimed to have been last to know of his victory. Huckabee said he had spoken with Guiliani and McCain but had not yet heard from Romney or Thompson. And he said he expects money to flow in and interest on the Web site to increase. He claimed the campaign had been very frugal and that he felt good about having two million dollars in the bank.

Meanwhile, it's 3:45 am in Manchester, and Romney has just arrived at an airport hangar where a couple hundred supporters are giving him a warm welcome on a very chilly night, NBC's Ron Allen noted overnight. Romney's voice is hoarse. It's been a long day followed by a long nearly three-hour trip from Iowa. But with his wife Ann and two of his sons by his side, he bounds onto the makeshift stage -- with his smile, a look of optimism, and real appreciation in place. He's looking forward, not back.

"We've brought home the silver, not the gold," he said. "But in New Hampshire, we're getting the gold," he assured the crowd with the same Olympic metaphor that he used in Iowa. "We've learned a lot of lessons," he said about the Iowa caucuses, without saying what they were.

It was a big night for the entrance pollsters as the data was spot on. Some highlights:
-- Obama won every age group under 44 and lost every age group 45+. Clinton only won 60+
-- Obama won late deciders and early deciders; only lost among those folks who said they decided in the last week.
-- 57% said they were new caucus-goers, and Obama won them by double digits.
-- Issues weren't the driving force in Iowa as Obama won among all issue groups, including those folks who said the economy was the top issue, vs. Iraq vs. health care. By the way, Iraq and the economy were tied for most important issue among Dems.
-- The single most important number in the entrance poll on the Dem side: 52% of the electorate said they were looking for a candidate who "can bring about needed change." Obama won 51% of those folks.
-- Will Obama end up advertising on Match.com? He narrowly lost married voters (including married women), but won single voters by 19 points.
-- Edwards' centrist brand from '04 (and Southern accent) continue to make voters believe he's not a liberal. Edwards won the most conservative Dem caucus-goers going away, but lost the "very liberal" by 24 points.

On the GOP side:
-- There was a TREMENDOUS gender gap that propelled Huckabee as he killed Romney among women, 40%-24%, while winning men by just 3 points.
-- Huckabee had one devoted flock of supporters as he won every single slice of voters, including those who made their decision that day as well as those who made their decision a month ago.
-- More proof that Romney's attack ads didn't work? Huck beat Romney among those folks who said immigration was the most important issue facing the country. By the way, immigration was the top issue, followed by the economy, terrorism and Iraq.  Huck won every issue group.
-- Here's an irony for Romney: The only ideological segment he won? Moderates. Didn't he used to be a moderate Republican governor?
-- The most important number in the entrance poll on the GOP side: 60%, the number of folks who said they were born-again Christians.

BIDEN: The candidate ended his campaign last night. And he later released this statement: "I am not going away. I'm returning to the Senate as the Chairman of the Senate Foreign Relations Committee and will continue to ensure that we protect the nation's security and show our country that Democrats know how to keep America safe, keep our commitment to our troops and restore our country's respect in the world."

DODD: After the results came out last night, Dodd dropped out of the president race. During his campaign, in which he moved his family to Iowa, Dodd "played up his experience in the US Senate and strongly criticized the Bush administration over what he called an assault on civil liberties during the war on terror, but his campaign never caught fire, overshadowed by the better-financed campaigns of Barack Obama and Hillary Clinton in particular."

EDWARDS: Per NBC's Lauren Appelbaum, it looks like Edwards has his eyes set on Obama, not Clinton, sort of. Rallying the troops early this morning, Edwards told supporters the Democratic contest is now a two-man race --including just the candidates for change. "As New Hampshire voters make that decision over the next four days, there's one thing that's clear," he said in Manchester. "What is clear, is that they are not interested in the status quo; they are interested in change. They want to see a candidate of change."
 
"And so they now have two choices in making that decision," Edwards continued. "And this choice is somebody who will fight for the change that makes America what it is capable of being."

But Edwards used an analogy that's usually reserved for candidates who realize their back is against the wall. In Edwards' case, it was actually Elizabeth who came up with the analogy. "It seems to me the perfect metaphor for this race right now is Seabiscuit," Elizabeth said at a rally in Manchester this morning to the crowd's approval. "The thing is, the war eagle cannot count on any broken legs. This man doesn't make mistakes."
 
"I have to admit, although Elizabeth came up with it, I kind of like Seabiscuit thing," John Edwards said later during the rally to laughter.

NBC's Kevin Corke got a senior staffer to concede that if Edwards doesn't finish second or better in New Hampshire, things are... um...

A senior staffer saying, "We beat the machine that had the name, the money and spent 6-times as much as we did-- that's saying something." But the staffer also conceded they've got to do well here Tuesday.  Second place or better? I asked, to which he replied, "pretty much."

RICHARDSON: The candidate released this statement last night: "We made it to the final four," Richardson said. "My staff and volunteers worked their hearts out to get us here. Now we are going to take the fight to New Hampshire."

"I'm glad I made the final four," he added on Morning Joe. But Richardson also said that he has to do well in New Hampshire, "and that means finishing in the top three."

GIULIANI: The New York Daily News: "He flatlined in Iowa and he's struggling in New Hampshire, but Rudy Giuliani shook off the early-state blues Thursday as only he can. 'None of this worries me - Sept. 11, there were times I was worried,' Giuliani said."

PAUL: "'This is not the end. This is the beginning,' the Texas congressman told a boisterous gathering of about 150 people at a downtown Des Moines hotel." More: "Although Paul finished in fifth place, he noted that he was ahead of former New York Mayor Rudy Giuliani."

NBC News now officially projects Edwards finishes second; Hillary Clinton finishes third.

From NBC's Ron Allen
"Well,  we won the silver." That was Mitt Romney putting a good face on what has to be a disappointing and very, very expensive night.

Romney was drawing on his experience running the Salt Lake City Olympic Games of 2002. He rescued that grand event from a corruption scandal. But he couldn't save his Iowa campaign from a once little known Baptist minister who's burst onto the national stage in recent weeks.

Romney congratulated Mike Huckabee, who probably sees this as a David and Goliath story, while Romney's  aides pointed out that Huckabee was a "unique fit," with Iowa's Christian Conservative community. Some 60 percent of GOP caucusers said they belonged to the religious right, a group Romney courted, but apparently didn't connect with, perhaps because of his Mormon faith, perhaps because of the enduring charge that Romney's a flip-flopper on some hugely significant issues, or for other reasons Romney will probably roll around in his head as the race moves to New Hampshire.

For Romney, its a night to look on the bright side. They way he sees it, he's come a long way the past year from obscurity, an unknown governor from a blue state up against big-name competitors like McCain, Thompson and Giuliani. "We beat them all," he said.

The way Romney sees it, Washington outsiders won in Iowa, wrapping himself with Obama and of course tonite's nemisis Huckabee. Romney vowed to fight on. He certainly has the money to continue, despite spending as estimated $9 million here, while the winner invested a little over $1 million.

Down the road, McCain lays in wait. The senator, who spoke kindly of Huckabee now ties or leads Romney in the Granite State. He said Iowa proved money doesn't win elections, that negative ads, which Romney directed at his opponents, don't win either. He's already questioned Romney's relatively weak foreign policy background. That where things are headed as campaign 2008 moves East. 

Here at Romney headquarters, the song, "It's a Beautiful Day" rang out before Romney and his family took the stage. However, most people outside looking at what happened here would probably agree, that millions and millions of dollars later, Romney had a rather costly night.

From NBC/NJ's Mike Memoli
Here's the spin from Richardson camp:
"We made it to the final four," Richardson said in a written statement. "My staff and volunteers worked their hearts out to get us here. Now we are going to take the fight to New Hampshire.

"It has been an honor to meet with Iowans and be a part of this extraordinary process," Richardson said. "I am the one candidate who has said we must end this war by getting all our troops out of Iraq. We cannot truly change this country until we end this war -- and we can only do that by getting every US troop out. Americans who want to get us out of Iraq aren't giving up and neither am I. We cannot end the division in this country until we are out of Iraq and we cannot focus on fixing our problems at home and our image abroad until our troops are out of Iraq. We cannot wait until 2013 or longer.

"Thank you, Iowa. Now we go on to New Hampshire."

From NBC's Chuck Todd
NBC News has confirmed that Dodd is dropping out of race.

From NBC's Mark Murray
From an email from his campaign: "Sen. Biden is about to speak at the campaign's caucus night rally and withdraw from the race."

From NBC's Ron Allen
The Romney campaign is spinning its second-place finish this way: It was a good night for "anti-washington" candidates, that Huckabee benefited from being a "unique fit" with the evangelical community here. They think their "investment" of time and money paid off. Romney was faced with candidates with such high name recognition as McCain, Giuliani and Thompson.

"We have the resources to compete across all states."
 
They will continue to run "contrast" ads at McCain on "issues." In today's new ad, it's "ordinary people," who criticize McCain on taxes immigration and the fact that "his time may have passed" after 25 years in D.C.

The Giuliani campaign released the following from Campaign Manager Michael DuHaime: "We congratulate Mike Huckabee on a hard-fought victory in Iowa.  This race is wide open and we will continue to run a national primary campaign designed to win the number of delegates necessary to become the Republican nominee.  Rudy is the only Republican candidate who can not only win the primary and general elections, but will turn purple states red."

From NBC's Matthew E. Berger
MIAMI -- Giuliani campaign officials seemed to be enjoying Huckabee's victory in Iowa Thursday, mostly because it wasn't Romney picking up the prize.

The Giuliani campaign has always seen Romney as its most viable opponent, and the one most likely to campaign negatively against a challenger. So there seemed to be some excitement that Romney was being taken down a peg Thursday, and the fact that Huckabee was the victor was secondary.

Giuliani told Chris Matthews that Huckabee had run a "very positive" campaign, a slight swipe at Romney. He also said the campaign didn't expect to win in Iowa.

"We have a number of good Republican candidates and it's gonna be a mixed field," Giuliani said on MSNBC.

Even if Romney wins New Hampshire next week, the Republican nomination could be split several ways by the time Giuliani makes his big push in Florida on Jan. 29. But there is a caveat. A McCain victory Tuesday could be problematic because Giuliani and McCain attract largely the same voters. Indeed, Giuliani has been asked several times in recent days in New Hampshire what distinguishes him from the Arizona senator.

Giuliani has talked for weeks about a proportional strategy, and noting that it would be a 29 inning ballgame, for the number of states in play through Feb. 5. Therefore, it was interesting to see Romney of all people pick up the baseball analogy, talking about Iowa as the first inning of a 50-inning, 50-state game.

Campaign officials say Huckabee's victory won't change their strategy. They are still planning to gamble largely on Florida, and highlight early voting that is already ongoing in some of the larger states Giuliani is counting on.

They also said they would not likely attack Huckabee, continuing to only go negative against Republicans when provoked. The campaign had been engaged in a back and forth with Romney throughout the fall.

From MSNBC's David Shuster
165,000 in so far. Based on precincts still to report (urban areas), the total will be 185,000 to 200,000.... A tidal wave on Dem side compared with 125,000 from 2004.

*** UPDATE *** From NBC's Domenico Montanaro
The Iowa Democratic party says, "With 93.5 percent of the precincts reporting we are seeing record turnout with 218,000 caucus attendees."

NBC News projects Obama the winner of the Democratic caucus.

*** UPDATE *** Clinton, Edwards in a very tight race for second place for delegate equivalents.

From NBC/NJ's Athena Jones
At about 8:15 pm Clinton camp spokesman Mo Elleithee came into the press room and said they're hearing Dem turnout may be north of 200,000, and that shows it's a good year for the Dems.

He said all three of the top campaigns had good ground games, and that the Clinton camp feels good.

From NBC/NJ's Carrie Dann
Here's the whopping number of the night from West Des Moines: Of 254 participants in the precinct I'm at, only 117 were registered Democrats prior to tonight. That means that more than HALF of the people here are independents, Republicans, and/ or first-time caucus-goers.

NBC News reports while in the initial preference race, Obama holds a lead, there is a virtual three-way tie so far in the race for state delegate equivalents in the Democratic Iowa Caucus.

From NBC/NJs Carrie Dann
WEST DES MOINES -- The total count of voters is a whopping 254 here tonight. The precinct captain estimates that's about DOUBLE the turnout in 2004. That makes the viability threshold 39 (254 times 15%).

After the first count, Obama leads the pack with almost HALF of the support -- 106 supporters.  Clinton is a distant second, with 47 supporters, and Edwards comes in at 42. (Keep in mind, West Des Moines is Obama country -- high income, high education, low union membership)

Biden weighs in at 25.  Twenty-five for Richardson. Seven undecided.

And poor Team Dodd?  Three.

Ten minutes of realignment beginning now.

NBC News projects Mike Huckabee the winner

From NBC/NJ's Aswini Anburajan
Obama made a 6:15 pm CST stop at Ankeny High School in Ankeny, a suburb outside of Des Moines. The high school was the site of four precincts, and Jen Psaki a spokeswoman for the campaign said it was considered very important for the campaign to win.

The campaign did not tell reporters where Obama had gone until about five minutes ago, claiming that they didn't want to bring the media because they might offend caucus-goers. Yesterday they had scheduled a caucus stop on the schedule for today but pulled it off mid-afternoon.

Obama spent most of his time, according to the campaign, talking with first time caucus-goers.

Deputy campaign manager Dan Pfeiffer told reporters earlier this evening to expect Obama to be behind for the most of the evening, since his strongholds are in more populated counties, especially around Des Moines where the results may take the longest to predict.

Obama has returned to the Residence Inn in West Des Moines to watch the results with his family.

From NBC/NJ's Erin McPike
WEST DES MOINES -- Speaking to the NYDaily News, ABC and NBC here, Mitt Romney said, "You know, this is uh, let's see, it's the first inning in a 50-inning ball game. So you know you want to get on base in the first inning, but we're planning on doing well."

He then made remarks to the caucus-goers, and later introduced his son Ben, his wife, Andie, his son Matt and a couple of his grandchildren.

"Do we have any other presidential candidates here?" the precinct chairman asked Romney was finished.