Granted, I'm not an expert in election matters, but I'm going to give you my Iowa analysis all the same.  Huck got one from Jesus.  I think that about sums it up.  I'm not saying that there was divine help (though Huck may disagree), but I think he won because of his religion given the large number of evangelicals that live in Iowa.  Next was Romney for similar reasons, but also because he actually has ideas, not that I agree with them.  Thompson and Paul both scored pretty much where you'd expect at this point.  I think New Hampshire is going to be a much bigger deal for both those candidates because it's a real primary, as opposed to a caucus which is really not democratic at all.  New Hampshire could be especially big for Paul since it is the "Live Free or Die" state, and home of the Free State Project.  If he scores well there, it could provide the boost needed to get him the media attention it will take so he can really talk to more voters.

The McCain and Rudy results are interesting I think.  I say this because both of them ran scary, "the terrorists are going to kill you if you don't vote for me", ads just prior to the caucus.  I think that was a big mistake.  I don't think the Iraq War has played as big of a part in this election so far as many pundits thought it would.  Moreover, I don't think that in the end, voters like seeing that sort of thing, and I think it especially hurt Rudy.  The people who were drawn to that argument had to choose between McCain and Rudy (who ran substantially similar ads), and they all went to McCain.  I expect to see Rudy dropping out of the race after New Hampshire unless he can score a pretty big victory there.

On the Democratic side, we see a pretty close result among the top three.  I don't think this shows anything other than the closeness of the Democratic election, and that there simply is no front runner.  It's anyone's game.  Nobody should be surprised by Obama's win though, since Democratic caucusers are allowed to change their vote if their original candidate scores less than 15% (I believe) and Biden, Dodd and Kucinich all threw their support to Obama.

Update:  I should add how important the Tonight Show was for Huck vs. Romney.  Huck passed the "would I want to have a beer with this guy" test, while Romney comes off as a slick politician who you would trust less than a used car salesman.  I find this ironic, since I'm not sure that Huck would actually drink beer.