I think it's more likely that South Carolina will end up between Huckabee and Thompson.
Thompson's campaign is dead and the Huge blows he will be delt with the two losses in Iowa and NH will further kill his chances of even compeating in South Carolina (a state which he should be strong in).
Thompson is very southern and those in the south like him. He definitely has a chance in southern states.
He's also starting to campaign harder in Iowa so if people there get tired of exchanges between Huckabee and Romney, they may take another look at Thompson.
For Thompson's campaign to be close to done, he would need to do badly in South Carolina.