Patrick,
First of all, congrats on the great bet on FF, nice work there. Good luck with it.
In terms of IWR, the big issue, as you suggested is the huge negative number. The improvement is one thing but many will perhaps justifiably argue that its hard to measure that improvement because it\'s syn to dirt which is apples to oranges.
However, what can\'t be denied is that numbers like that knock horses out. Period, end of sentence. It may take 2 or 3 races (Smarty or BB) or it may only take 1 race (Barbaro) but history suggests that horses that run massive negative numbers so early in their development unfortunately don\'t hold together. Barbaro, Big Brown, Smarty Jones, seemingly (but too early to tell Quality Road). Once you put a massive effort like that in, a horse needs alot of time to recover. In my mind, it doesn\'t really matter what number a horse runs in their next race, whether they pair or top the massive number (BB in the KY Derby) or bounce and still win (Smarty and IWR in their races after the huge efforts). If they run back in 4 or 5 weeks after that number, the damage is done very sadly.
I believe IWR regressed in the Wood because I believe a number is a number and when you start adjusting, you are going down a slippery path. Others argue that the break and the hand ride means he didn\'t regress (much like many of the same people argued BB didn\'t regress in last years Preakness). The bigger issue though is it doesn\'t matter if he regressed or not, the cumulative effect of those efforts makes it highly likely in my mind that he\'s not going to run his race in the Derby and at 4-1 odds, it\'s just a silly bet to make that he will run his race.
Everyone makes the syn to dirt thing and the ease of the wood win the main points but the main point in my mind is the massive absolute number that has nothing to do with either of those issues.
As an aside, go back on the archives page to look at the TG numbers horses ran in winning the derby up to the mid 90s. They just didn\'t go that fast. Horses were winning the derbies with 5s and 6s. People want to know why horses break down so much now. One of the main reasons is that they are running too damm fast before their bodies are ready to handle it. Kind of like the 11 year old kid who throws 80 MPH in little league and blows his arm out before he gets to high school. 11 year old body not built to handle that much stress and a 3 year old horse isn\'t meant to run 3 negatives.