No reason at all, period, for him to be in IA. I can't figure out an Electoral College calculation in which IA saves him.
If he has lost PA, he's toast. If he has lost CO and NV and VA, he's toast. If McCain holds OH, FL, VA, and CO, game over.
Comments from a McCain campaign source that their man is running 6 percent ahead of where Bush was in key parts of Ohio, that Obama is running behind Kerry in key parts of Pennsylvania, that McCain surging in Minnesota and Michigan, Sununu back up in NH, Coleman tied in Minnesota, the race is tied in Iowa, McCain safe in Florida and Colorado, and Obama’s team is worried that his lead Virginia isn’t as solid as the polls would make it appear. More Republicans have shown up for early voting than Democrats in California. Trying to save a state, minimize the damage is all I can figure. He got his start in Iowa, maybe he wants to "go down the ship." :-)