03/28/2008 02:45 am ET Updated May 25, 2011

What Tonight's Caucus Will Determine

1) Will Either Race End in Iowa?

The only race that could is in the Democratic Party and only if Hillary Clinton wins a big victory. Iowa has proved resistant to the Clinton brand, and she has struggled there throughout the year. But her final days of campaigning have been solid, and a victory, no matter how narrow, would be a big boost for her.

Barack Obama has plenty of money to keep going, whatever the outcome. If he wins or there is any kind of a muddled finish on the Democratic side, the battle goes to New Hampshire, Nevada and South Carolina. An Edwards victory here guarantees the race continues; he has been trailing in New Hampshire and lags both Clinton and Obama in money.

There is no way the Republican race ends in Iowa. If Mitt Romney comes back to win, he will get more credit than he might have before Mike Huckabee's dramatic surge into the pre-caucus poll lead. But Romney has now got a fight on his hands in New Hampshire against John McCain, and the GOP race is too fluid.

Huckabee has an even more difficult path, even if he wins here, because he has been lagging in New Hampshire. "If Huckabee wins, the results will confuse the Republican nomination, rather than clarify it," said GOP strategist Terry Nelson.

Click here to continue reading.

Check out the rest of HuffPost's Iowa coverage.