Now that real voters in Iowa have actually made real choices, two things are increasingly clear about the Republican race. Mitt Romney has the organization, money and ruthlessness to win the nomination. He also has alienated Hispanic voters and failed to generate enough electricity to light up even an energy-saving bulb.

Bottom line: Both sides have a plausible path to victory in November. And the outlook for President Obama is a bit brighter than it was six months ago.

Romney clearly learned something at Harvard Business School about the value of long-term planning. Using Obama’s campaign as a model, he’s figured out that Iowa and New Hampshire get far more attention than they deserve. By contesting primaries all over the country and building a strong base of delegates, a candidate can survive short-term setbacks and still win.

Romney understands this math. Recent Republican history is littered with wannabes – Mike Huckabee, Pat Buchanan, Pat Robertson – who flared briefly in the early states but quickly flamed out, suffocated by a lack of organization and money. Rick Santorum, despite his strong showing in Iowa, seems likely to join that list. Romney does not.

Team Romney understands the new landscape reshaped by recent Supreme Court decisions. Super PACs can now raise and spend unlimited amounts of money, as long as they don’t officially consult with the candidates they’re supporting. But they don’t have to.