I expect him to make it through the primary fairly handily, but my sense of this is that DeLay is in trouble over the course of this election cycle.
DeLay did what he had to do to remain a plausible candidate in November. But he's got a tremendous amount of work to do still. He goes forward into a meat grinder.
If DeLay were not indicted, he probably wouldn't even have a strong enough opponent where he would have to spend all that money on his own race.
I consider DeLay in significant danger of losing his seat in the general election.