In that one particular election, that is true. However, this poll has been very accurate in almost every other poll in the state. If anything, the only possible problem with this poll has been the overestimation of the "Other" vote.
But it was well off with Obama. There is also the problem with its internal numbers and early voters.
In one election, yes, that was the case. However, it did predict Obama as the decisive winner of the Iowa Caucuses. And that is not including the other races it has basically nailed down. I really don't think one overestimation discredits the poll. I'm not saying this will necessarily be the result, but I do give this poll somewhat more weight (although as one data point among several others). The only problem I see with this poll overall is that it tends to overestimate the "Other" vote.