Based on voting projections, the networks — across the board — are calling the Iowa caucuses for Barack Obama (D) and Mike Huckabee (R).

Here are the latest hard numbers on the Democratic caucus vote results:

Obama : 36.98%
Edwards : 30.05%
Clinton : 29.75%
Richardson : 2.17%
Biden : 0.92%
Uncommitted : 0.11%
Dodd : 0.03%
Precincts Reporting: 1600/1781

The big news from where I sit:

– Lots of youth vote participation, most of whom appear to have broken for Obama, based on early reports. But that is a very good thing for Democrats nationwide if that trend continues, I would think. We saw some of that in 2006, but not at this level of participation. All the campaigns — and especially the Obama one — deserve kudos for involving youth vote so much in Iowa. Keep that up!

– Edwards was outspent substantially by Clinton and Obama, and managed to stay in very good contention. That’s huge for them — and for his populist message as well. Will be interesting to see how they spin this out — and how much of his message the other two begin to adopt.

– GOP pundits are squirming about Huckabee. Someone get Peggy Noonan another dry sherry…stat.