I agree with you, not to mention the fact that Iowa and New Hampshire are not exactly good cross sections of the Dems main constituencies. And not for one second do I believe that the Clinton's want to see a Democrat victory in 2004. This leads me to believe they would like to see Kerry get the nod, trading their fund raising support for his agreement not to upset the McAuliffe apple cart.
Wait until the entire country finds out that Kerry's Vietnam buddy is not who he says he is and has worked with Craig Livingstone as a bouncer :-)