This D.C. Guy is onto something:

the nature of minute-by-minute coverage of the race is astounding. As you know I am a Romney guy, but it is amazing how the pundits are declaring him dead. For all of the wall-to-wall coverage of the New Hampshire primary, is it not worth nothing that Romney walked away with more delegates in Wyoming than McCain did in New Hampshire? Is it not worth noting that EVEN IF Romney won Iowa by the same margin that Huckabee did, then proceeded to win New Hampshire by the same margin that McCain did, he would only have 8 more delegates than he does at this moment. There is no doubt that this start has not been optimal for Team Romney, but he is far from toast.

How I put it elsewhere on NRO:

One thing we need to bear in mind: Relatively few Americans knew former Massachusetts governor Mitt Romney at this time last year. He’s come far, when you think about it, and has taken second place in two key states in this process so far. Obviously, it would have helped him tremendously had he won the New Hampshire primary last night. And, additionally, it would have helped if expectations weren’t set on him winning Iowa or New Hampshire. We kept hearing that he had an extensive organization in Iowa and New Hampshire. Well, organization didn’t deliver in the chaotic caucus system in Iowa, and now it didn’t deliver in a normal primary. And that, of course, hurts him — even with a win in Wyoming.
Michigan is not going to be easy for Romney — especially with Democrats voting in the Republican primary, presumably for McCain. Losing would be a deep wound — it’s his home state, after all. Still, I don’t think that a second-place finish there finishes Romney. Let’s say that, by next week, he’s won second place in three major early contests. That’s respectable. And let’s not forget the continued presence of Fred Thompson — if he makes his first real showing in South Carolina, it makes it all the harder for someone (McCain, they say today; Huckabee, they said last Friday morning) to run away with the nomination. Meanwhile, if Thompson bows out after South Carolina, the most viable choice for conservatives may be a simple decision. In short: Romney can fight on — and I think he should.