Jon Swift makes sense of the Iowa caucus. His analysis should be required reading. He starts by explaining how the results of the caucuses actually have nothing to do with the results of the caucuses:
The presidential nominating process is pretty complicated itself, but very few people other than pundits who have spent years analyzing them understand the Iowa caucuses. The winners of the Iowa caucuses are not decided by who comes in first but instead by a very complex mathematical formula that calculates the quantum spin of the vote, which can be pretty confusing to the layman. It has to be complicated to make it difficult for people to steal the election and more unlikely that voters will get angry and kill each other, the way they do other, less civilized countries where people understand what is going on. So in order to make the results of the Iowa caucuses a little easier for most people to understand, here are some simple explanations of who the real winners and losers were . . . .
Follow the link for the full analysis.