Well, it appears Obama has edged out Clinton and Edwards (who are in a dead heat for 2nd) roughly 37% to 30% to 30%.

A huge influx of first-time caucus participants, of independents, and even a few Republicans handed Obama the victory, along with the fact that he was the #2 choice for many Richardson, Biden, Dodd, Kucinich supporters.

For those who aren't familiar, the way the Iowa Caucus works on the Democratic side, if your candidate does not get 15% of the votes in the precinct, he/she fails to meet the threshhold and then you can switch to vote for someone else.  That Bill Richardson and Joe Biden faired so poorly in the caucus is not reflective of their actual support.  In most precincts they failed to meet the threshhold and so their supporters switched to support another candidate, probably Obama in large numbers.

But the real story of the night is why Howard Dean, who I just saw on MSNBC, looks exactly like Howard the Duck now.  Did anyone else see that?  I'll post a video when I can find it.