Its the timing. And likewise, its not the fault of the people of Iowa - its the fault of the media, who in the absense of a talent for straightforward reporting, feel the need to throw around terms like "momentum" and "viability" that have a real effect on the exposure and fundraising abilities of the candidates going forward. Hitchens is right about the media, but spends too much time ranting on the selection process, which is indeed flawed, but isn't the real problem.
What so many people outside of Iowa (and NH) resent about how delegates are chosen is that the fact that our favorite candidates may no longer even be running by the time our state holds its primary. How Iowa chooses to distribute its delegates is largely immaterial, but how can we possibly justify giving this much importance to 40 delegates in Iowa, and largely ignoring 400+ in California (The difference is less extreme for the GOP, but large nonetheless)? Why should Iowans have so many opportunities to meet and shake hands with the candidates while those of us in Illinois are looked at as little more than fundraising opportunities?
True "Democracy" means one person - one vote. Anything that elevates the power of one man's vote over another is undemocratic.