The latest and last (before the first caucus) debate of Republican presidential candidates takes place in Iowa at 2pm EST. The stage will be crowded. Participating: Rudy Giuliani, Mike Huckabee, Duncan Hunter, Alan Keyes, John McCain, Ron Paul, Tom Tancredo, Fred Thompson, and Mitt Romney.

Real Clear Politics includes this in their analysis:

Add it all up and we should expect to see another round of sharp exchanges between candidates, most of which will involve Mitt Romney. We’ll have to see whether today’s debate changes anything, but given the location and the proximity to caucus day, it’s a fairly important day for the top tier candidates to have a good showing and, most importantly, not to make a big mistake.

Captain Ed offers up some thumbnail thoughts about what various candidates need to accomplish. Here are a few snippets.

Mike Huckabee — No mistakes, connect emotionally, and seem reasonably conservative.

Mitt Romney — He has to stay focused and ignore Rudy while gently gunning for Huckabee.

Rudy Giuliani — Rudy needs a good performance, but not a great one, and will do best if he’s not the central focus.

John McCain — An extended dialogue on immigration hurts him here, but again, he’s not all that concerned with Iowa.

Fred Thompson — If he plays analyst instead of candidate, he’s toast.

It is with his thoughts on the rest of the field that I most agree:

As for the rest, at this stage, the Register should have taken a pass. They have not developed into contenders by any measure, and the inclusion of Alan Keyes is a strange joke. The DMR could have given us a chance to hear five realistic candidates with some time to get into detail on the issues, but instead chose to have nine with time for little more than soundbites.

Brian will be liveblogging at Liberty Pundit (if the power stays on). The link is here.

Steveegg (No Runny Eggs) is liveblogging here.