He is, Steve - if you're prepared to believe he'll recapture a level of form that is almost two years old.
I can understand why people would want to back him, but the more I think about it, the more I think that 2010 form was the exception, rather than the rule. As I said earlier in the thread, LR has had a lot of racing in a short space of time. His KG/GC wins came in his 9th and 10th starts over fences; which would be getting in the window for a good second-season novice to be at or near his peak - especially one with a further eight starts in hurdles to his name.
We're now two years, five starts, and no wins further down the line, and LR hasn't reached anywhere near the heights of that Gold Cup win in any of those outings.
Given his overall profile, a degree of regression - whilst not exactly everyday - isn't entirely extraordinary. And the regression, for what it is, isn't exactly calamitous anyway, as he's clearly still capable of top-class form. What he doesn't have (or more accurately, what there's no recent evidence to support) is a half-stone in hand of his contemporaries. He is one of several in with a chance, but with less scope to improve.
He is very-much vulnerable at Kempton, imo.