Nate Silver:
"Another reason why whoever is declared the 'winner' of tonight's Democratic caucuses is as much a matter of spin as anything else: Iowa doesn't report votes, but instead something called 'state delegate equivalents.' It’s possible that more people caucused for Sanders tonight but that Clinton will win more state delegate equivalents because her vote was distributed more evenly. Then again, Clinton did lead in the Iowa entrance polls. Without an actual vote count from Iowa, we'll never know."