Iowa Results: Mitt Romney Wins Iowa by Just 8 Votes
Google has a caucus watch tool here that's being updated as numbers come in. As things stand now, it's Paul 24, Santorum 23 and Romney 23. In the second tier, it's Gingrich - Perry - Bachmann. If she ends up there, and with no money in the campaign bank, it's hard to see a rationale for her staying in.
Update 8:33 local time: Now it's Paul-Santorum-Romney all tied at 23. In the second tier, Gingrich and Perry battle for fourth, with Gingrich ahead 13-10. And Hunstman has weighed in, saying that "nobody cares" about what happens in Iowa. If Huntsman ends up the nominee -- which he won't -- he would have just kissed off Iowa in the general election.
Update 8:41: Here's Fox News' vote tracker, which is a bit easier to read than Google's.
Update 8:54: That time stamp may serve as a time of death for the Michele Bachmann campaign. Out of money and now Fox News has projected that she will finish in sixth place. She only managed to beat Jon Huntsman, who didn't even bother to campaign in Iowa at all.
Update 1:04: Fox just reported that after all the counting was finally done, Mitt Romney defeated Rick Santorum by 8 votes.