He lost by 24 points, that's how I view election results. Additionally I cannot begin to count the number of times RP supporters said the polls meant nothing because his unseen supporters would sweep IA and NH. I concede that 10% was more than I though Paul would receive though, in fact I remember saying there was no way he would hit double digits. I was wrong but Paul's campaign is still effectively over, leaving his most ardent supporters with the choice of either not voting or voting 3rd party in the general election.
Ron Paul hardly gets the coverage that Giuliani gets on the news, and yet Ron Paul crushed Giuliani. Whenever Ron Paul is on TV he is smeared (except very recently). Nobody in the media ever discusses his policies in depth; instead they criticize his policies at the surface and dismiss them as 'kooky'.
The fact that McCain and Thompson are still in the race is good for Ron Paul, because the pro-war vote will be divided. And the longer Ron Paul stays in the race, the more his numbers will improve as a result of exposure.
So, I disagree that Ron Paul's campaign is over. It already survived (if not benefited from) exclusion in previous debates, and the coming exclusion by FOX News is high profile and more unjust than the last exclusion.
FOX News hardly ever discusses Ron Paul's campaign, whereas Rudy, McCain, and Thompson get free undeserved airtime (and positive coverage, too). As such, Ron Paul's campaign has room to grow, or potential; plus, they are polling equally despite uneven coverage.
In blind studies, Ron Paul beats all Republicans.
I don't expect Ron Paul to win, but his campaign is better off today than it was yesterday.