Meanwhile, Ron Paul has raised $5 million and has about $5.3 million on hand. That is more than John McCain. While Paul's support is not wide (he is polling nationally in the 2-4% range) , it is deep (his supporters are highly motivated and turn up everywhere). So in an early caucus with that much money he could win a few delegates. That would make for some interesting convention t.v. (I was a volunteer at the 1988 GOP convention -- a convention is simply an excuse to drink).
Reason's take on the continuing Paul boomlet.
One issue is how the Paul factor effects the general election. Ron Paul will not be the GOP nominee. The conventional wisdom is that the Paul supporters are mostly Republicans and most will sit out the general election. I am not so sure about that. Something tells me that Ron Paul supporter Andrew Meyer, aka "Taser Boy", is not a Republican. Still, with Paul at say 4% of the GOP field, that could throw a few close states to the Democrats.