High Roller - I stand corrected. I did not have time to go through a complete study as the database isn\'t really conducive to seeing who is w/i top 3 (it is directed more towards beaten lengths data), but I did take a a look at LRL since January 1st under the criteria you established. Of 39 starters with 8 QP, 37 (95%) were within top 3 at first call.
That result was based on 1,399 starters. With an average field size of say 8 horses, that means that there were some 175 races. So, there was a horse with 8 QP once in every 4.5 races. Thus, finding that 8 QP horse is great for 22% of the non-maiden dirt sprints on a fast track, but what do we do the other 78% of the time?
Anyway, I agree that QP is fine for projecting how a specific horse may run in a particular race, but QP does little to predict how other horses may perform in a particular race and what the overall shape of the race may be.
We pace players often also look at the number of horses in a race that have 5 or more QP. With 3 such horses there is an indication that the race may lead to a speed dual. With only one horse above 5 QP and particularly when that horse has 8 QP perhaps we have lone speed. I have yet to do this, but it will be interesting to see how the Race Shapes looks for those kind of races.