Well, for these reasons, and much as I would welcome the symbolism of a black nominee and President, Iowa is not encouraging news for America's allies and supporters, especially those of us on the Left. My hopes, for what they're worth, remain as they were, and for the same reasons. I'd like to see a Clinton vs. McCain contest, and believe the Western alliance would benefit from either's Presidency.
Gerard Baker's blog provides informed commentary.
UPDATE: Writing in the Wall Street Journal, and before the Iowa results were in, Michael Barone notes the voter attractions of inexperience. I'm always impressed but in this case not encouraged by his astuteness:
[T]here does seem to be something like a cycle operating, at least over the last several decades. Voters elect one kind of government, and then get disgusted with the results. New voters, taking the good things of the present for granted and ignorant of the bad things of the past, are willing to take unusual risks. That seems to be happening this year.