The Nation’s Ari Melber has this surprising breakdown of Nevada counties, showing that while Hillary Clinton won the most votes in Nevada’s caucus, Barack Obama has actually walked away with 13 delegates to Clinton’s 12:

A source with knowledge of the Nevada Democratic Party's projections told The Nation that under the arcane weighting system, Obama would win 13 national convention delegates and Clinton would win 12 delegates. The state party has not released an official count yet.

MyDD’s Jonathan Singer adds:

If this is indeed a delegate battle (leaving aside for a moment issues of momentum, which are extremely important), this could actually be somewhat of a win for Obama.

And more analysis from the Liberal Values blog:

It looks like the Nevada caucus will be a wash in terms of the Democratic race and adding a western state will not have a meaningful impact as intended when the date was moved up.

UPDATE: Chris Cillizza says that both the NV state Dem chair and the Clinton campaign are disputing the delegate math

The tide appeared to be turning against Hillary Clinton in Nevada, with Obama’s culinary union endorsement and Bill Clinton’s emotional confrontations with reporters. But after her victory there today, Clinton supporters can argue she has recaptured her party’s momentum.

But bloggers say not so fast...

Andrew Sullivan, who has been accused to having an anti-Clinton obsessions by some liberal bloggers, concedes she won the vote with Hispanics, which he says will help her in California, but adds:

It was still close, though: 51 to 45, and completely in line with the last polls.

Ed Morrissey also plays down Clinton’s victory:

Given the strong demographics in her favor, this isn't exactly an impressive showing. Obama will get almost as many delegates, and people will question her strength, especially after South Carolina's primary if Obama wins it as projected.

And the Politico’s Ben Smith adds this bit on how Clinton used Obama’s culinary union endorsement to her advantage:

One thing to keep in mind: The charges of intimidation were, at one level, a strategy for explaining a loss; but they may also have served to stir up support among non-union workers in the casinos and others around Nevada. So, as much an electoral strategy as a post-electoral spin.

Both sides of the blogosphere are today trying to figure out what’s happening in Nevada in advance of tomorrow’s caucuses. No one doubts Mitt Romney holds a largely uncontested lead. It’s more a matter of how much his victory will matter. On the Democratic side, things are much more complicated.

This Las Vegas Review-Journal poll shows Hillary Clinton and Romney with big leads, leading MyDD’s Todd Beeton to note:

“The key to Clinton's lead lies in hispanic voters.”

The conservative Hot Air looks at the potential fallout for both sides:

If the lead holds for Romney, he’ll pick up a second win in a mostly uncontested state, but it’ll still be his third win and if we really are headed for a brokered convention, he’s building up a healthy delegate count. Hillary is doing the same on the Dem side, but the Culinary Union endorsement and casino lawsuit may leave lasting bad blood.