The New Yorks Times blog The Caucus is reporting that Romney has conceded and that's with just fifteen percent of the precincts reporting as of 8:05pm (IA time). On to South Carolina for Huckabee and Romney heads to New Hampshire to try and hold off McCain for the next few days.
For the Dems, it is a tight race. Obama tops the list and Edwards is literally a handful of votes ahead of Clinton with 50% of the precincts in.
UPDATE: Things are still tight on the Democratic side. Obama seems to be pulling away but as of 8:30pm Edwards led Clinton by just three votes. Obama is doing better than expected in conservative area; areas considered to be Edwards' strongholds.
UPDATE: The New York Times is calling the Democratic race for Obama. With 84% of precincts reporting (8:41pm), Obama led with 37% of the vote. Edwards still holds an extremely slim edge over Clinton (just four votes). Let the spin begin from those two camps. The way I read it, a third place finish is a third place finish for Clinton. It will be interesting to see how they play that as the race shifts to New Hampshire.
UPDATE: At 9pm with 92% of the precincts in, Obama-37, Edwards-30 and Clinton-30. Edwards holds a nine vote lead over Clinton.