How Ridiculous a Concept is the Iowa Caucus?

The more you learn about the Iowa Caucus the more ridiculous the entire concept seems.

For example:

~ Three million people live in Iowa, 95 percent are white, and two million Iowans are registered to vote.
~ Iowa is a rural state, unlike where most voters in the US live; Iowa is not representative of America as a whole.
~ You must be able to attend the caucus at the appointed time in order to participate in the exercise.
~ If you are away on a business trip, serving your country in the military, sick, away at college, can’t get off work, or whatever, you can’t participate in your state’s primary-level political exercise.
~ If you attend college in Iowa, even if you are a resident of another state, you can vote in the Iowa caucus.
~ Only about 240,000 Iowans, approximately 12 percent of registered voters, will participate in the caucuses.
~ Over 40%, perhaps as much as 50%, of the Iowa GOP caucus vote consists of white evangelical Christians.
~ The event takes place two days after the holiday season ends, and the most important time for communicating with voters by candidates occurs along with the Christmas, Hanukkah and New Years celebrations.

Does this sound like something that ought to have any influence on who the Democrats and Republicans nominate for President?