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Republican presidential hopeful and former U.S. Sen. Rick Santorum greets supporters after giving a speach at the Stoney Creek Inn on January 3, 2012 in Johnston, Iowa.)

It was the best kind of caucus for political junkies. The race was unpredictable to begin with, but even late into the night, it was neck and neck for Mitt Romney and Rick "surprise" Santorum.

The former two-time senator was even thought the winner for a while, but was edged out dramatically in the end by former governor Romney with a paltry eight votes. Right on their tails, Ron Paul drew 21.5 percent to Romney's 24.55 percent and Santorum's 24.54 percent. Left at the bottom was Newt Gingrich, Rick Perry, Michele Bachmann, and Jon Huntsman, in that order.

This morning, Bachmann announced the end of her presidential bid. While it sounded as though Texas Governor Perry was preparing to do the same, a buoyant tweet from him this morning said, "Here we come South Carolina." His campaign hasn't confirmed their travel plans.

Elsewhere in Texas, a group of prominent conservatives are trying to reign in this wild race. They will hold an emergency meeting in the Lone Star State because they're concerned a vote split between Santorum and Gingrich "could enable Mitt Romney to grab the GOP nomination," POLITICO reported.

Will Santorum be able to exploit his near victory by raising funds and building a bigger team? Can Paul's Iowa strategy sustain him through other state competitions? How does Gingrich perform when he's on the attack? Is Perry out? Is a Huntsman surge next?

WEIGH IN:

How did last night's results change your views of the candidates?

Guests:

Arnold Steinberg, veteran Republican political strategist and analyst

Matt Rodriguez, Democratic strategist; former senior Obama advisor in 2008, now runs the Los Angeles office for the Dewey Square Group.