As I said the other day here, I don't think the Iowa Caucuses tell us all that much about who's going to be the major parties' nominees, let alone our next president. But they do have their value: They caused Martin O'Malley and Mike Huckabee to shut down their campaigns.
Ted Cruz won in the same way that Huckabee did last time. What does that tell you? Anyway, if you're worried that Cruz might be on a path to becoming the next occupant of 1600 Pennsylvania Avenue, read Matthew Yglesias about why he thinks Cruz is unelectable. And he didn't even get into the fact that so many people who know the guy seem to hate him.