Ed Morrissey:
8:28 - CNN calls it for Obama, with 73% of the precincts reporting. Hillary has an embarrassing third-place finish, at least so far. If that sticks, she has a big big problem with the rest of the race. New Hampshire is a dead heat, and if Obama wins that, the rest of the nation will begin reconsidering their support for the Clintons.
Check out this headline from the Des Moines Register: "Mood somber at Clinton post-caucus party site".
UPDATE 1/5/08: 12:50 PM The photo is not working. Maybe somebody more savvy than me knows how to fix this.