On the Republican side, it looks like a three way. Rudy v. McCain and maybe Mutt Romney. I would give the inside track to McCain, he has positioned himself to the right of Rudy and word has it that a couple of divisions of skeletons are going to charge out of Rudy's closet. Republicans might have been able to look past his socially liberal stances if he looked like the most electable candidate, but those skeletons are going to tarnish that part of his rep. As for Romney, he's a mutt trying to run with some big dogs.
On the Democratic side, Sen. Clinton is using her early lead in organization, fund raising and name recognition to sew things up before Obama and Edwards can get any real momentum going. But there is something about Obama.
Even Newsweek agrees.
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Also, Mitt Romney shifted around his campaign financing to the extent that it looks significantly irregular:
http://www.votelaw.com/blog/archives/campaign_finance/
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