Many are trying to envision where this Democratic campaign could be headed. The most common theme and most consistent message from voters so far seems to be this: we like both of these candidates for various reasons, and we want to consider them carefully and on our own terms... don't pressure us into taking one of them before we're ready and if you do, we'll vote for the underdog.

This campaign could be divided into three phases until now. There was the "Clinton frontrunner" phase up until just before Iowa, and then after Iowa the 2nd phase was the very short "Obama Frontrunner" phase. After New Hampshire it was perhaps a "dead heat, no frontrunner" phase that I think may now be ending. If we're back into a "Clinton frontrunner" phase again... what does that mean for the campaign? Will Hillary and Bill wither under the spotlight?

Look at the behavior of the voters so far:

Everyone said if Hillary won Iowa, it was over, they voted for Obama.

Everyone said if Obama won New Hampshire, it was over, they voted for Clinton.

The Clintons and the media tried to say Obama should win Nevada because the culinary union was pressuring members, the members felt the pressure and they resisted, they voted for Clinton.

So where is that conventional wisdom/media dialogue going decisively after Nevada? I think the current line is: "the Clintons are inevitable, Obama may win in South Carolina, but that's just the African-American vote, she's going to win big on February 5th." There's going to be two and a half weeks of this dialogue again in the press for the first time since before Iowa. If Obama had won Nevada and South Carolina, the "dead heat" phase would have continued. But Nevada shifts that, and I think this has significant potential to swing the race back in Obama's favor.