Now keep in mind that this is a caucus, not a primary (the Des Moines Register has a good interactive How To). That means that caucus goers elect delegates to a county convention, who elect delegates to the state convention (the Democrats have a regional convention too), who elect delegates to the national Party conventions. Democracy at it's finest.
On the Republican side, it's fairly straight forward with participants voting by secret ballot. The winner is announced and then the delegates for that precinct are selected. On the Democratic side, it's a bit more of an unpredictable affair (see above video). If a candidate does not reach 15% in a precinct, then his supporters must choose someone else. That continues until all the candidates in the precinct have more than 15% support.
It is also an open process. Voters show up, prove residence, and then register with a party and go caucus. Republicans can re-register as Democrats (why would anyone ever want to do that?), and vice-versa.
To put the Iowa Caucus in historical perspective, the winner of the Caucus has not always gone on to be his Party's nominee. In 1980, Ronald Reagan lost to George Bush. In 1988, George Bush lost to Bob Dole and Mike Dukakis lost to Dick Gephardt. And in 1992, Bill Clinton lost to Tom Harkin.
In Iowa, it's cold and clear. Yard signs blanket the landscape. And candidate commercials bombard the air waves.
God Bless America.
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