First Iowa Democratic precinct has decided (live on CSPAN):

Obama: 3 delegates
Edwards: 2 delegates
Clinton: 1 delegate

Stay tuned...

UPDATE: MSNBC @ 9:14

Democrats:
Obama
Edwards
Clinton

Republicans:
Huckabee (x)
Romney
Thompson

(x - projected winner)

UPDATE: MSNBC @ 9:25 (by Andy)

Democrats:
Obama (x)
Edwards
Clinton

Republicans:
Huckabee (x)
Romney
Thompson

OBSERVATIONS (by R.):

Huge night for Obama in Iowa. Historic, in fact, for being the first "viable" black candidate for president. This is, however, most likely Obama's fifteen minutes of fame. Edwards is the winner, in terms of return on investment, and Clinton is the loser in terms of expectations.

On the Republican side, Huckabee is having his fifteen minutes of fame. Thompson will live on until Feb. 5th, where he can save face with a 90% win in Tennessee before dropping out. Giuliani was thankfully sent to the dustbin of history. In the end, it will be Romny v. McCain, although I wish Huckabee would sweep.

New Hampshire will be interesting.

Good night, and good luck!

Over to you, Andy...

OBSERVATIONS (by AA):

Considering the demographics in Iowa, even with the 200,000 person turnout, the margin for Obama is huge. It is a marathon, however, not a sprint - and the run-up to February 5 will be interesting. With less than 10% to report and less than a percentage separating 2nd and 3rd place, this is still a loss which is difficult to mitigate early on for the presumptive nominee, Hillary Clinton. (And MSNBC reports that Obama won the vote among women, 35% for Obama and 30% for Clinton.) This is still up for grabs.

For the GOP, Romney is suffering from the Dean effect, and I don't mean "The Scream." You don't buy a result in the early primaries. Thompson was a bit of a surprise, but again, a 1% split (between him and his buddy McCain) is essentially negligible (and even his campaign was praying for a 3rd place finish). Giuliani finished behind Voldemort Paul and his army of sign-spraying Death Eaters, but in fairness, Giuliani didn't run a campaign. Huckabee has to cobble together a wider coalition among urban voters if he's going to have a Southern prayer of stitching together a win, but maybe this will be something to grab their attention.