Fox News is presenting Huckabee as the projected winner in Iowa—"an early blowout for Huckabee."
The Democratic results so far show three candidates in a virtual tie.
1st UPDATE (9:05pm ET): With 25% of precincts reporting, Obama leads Edwards and Clinton by 1%. Obama also led in Fox entrance polls. And I see that Des Moines County and Johnson County (Iowa City) have yet to report, both presumably areas of strength for Obama.
2d UPDATE (9:13pm ET): With half of the counts in, Obama now leads by 2%.
3d UPDATE (9:17pm ET): Still virtually no results from Story County (Ames-Iowa State U.), Des Moines County, and Johnson County (Iowa City-U of Iowa).
4th UPDATE (9:22pm ET): Still nothing from Linn County (Cedar Rapids). Obama leads by 4% over Clinton and Edwards.
5th UPDATE (9:27pm ET): I should note that the reports showing 71% of the Democratic precincts reporting is even more misleading than usual. Even within particular counties, it appears that the smaller precincts may be in, but the larger precincts are still not reporting. All this looks good for Obama and bad for Edwards.