It looks like Romney is still on course to win Iowa, with his meager victory in their straw poll last weekend. If he can maintain the lead in Iowa, he'll also win in his neighbor New Hampshire, and the nomination will be his. With the momentum created by winning the compressed schedule, I think we'll get a stampede to a nominee just as we did last cycle.
The one detraction is the fact that, despite spending millions, he still wasn't able to break 1/3 of the vote. Governor Huckabee, who I thought had the best chance of taking the traditional Republican vote (being an ordained minister), finished second with 18%, and apparently only spent around $100,000.
Of course, neither McCain, Giuliani, or Thompson showed up, so the whole affair's relevance is called into question.