He will be the same place vis-a-vis Fred as he is now, since neither are actively contesting NH. A loss there will not be against expectations.
However, if Romney comes out of NH in second, with 26% to McCain's 33% current polling, that means that Romney will be in the lead in delegates. Both Iowa and NH are proportional distributions, and with what Mitt is getting in WY today, he could have as many as 20 delegates to Huck's @14 (13 + whatever he picks up in NH) and McCain's 9.
It ain't the number of first place finishes that count, it's the number of delegates you have.
Huckabee is riding high with his win out of Iowa. Like it or not he is going to be the victim of diminishing returns. He is seen as the front runner and finishing fourth is going to hurt him.