To be honest the figures debate should probably have it's own thread rather than on here.
Specifically to EC1, I understand the frustration, but I can tell you whilst I'm not in any way qualified to add to the debate, it has always interested me, and I'm genuinely appreciative of the work you do and the time and effort you put into posting. Parts of this will always be contentious, open to individual reading, and therefore debatable meaning that not all will agree or even subscribe. For me however there's no area of this I would dis, and I always read and try to absorb, and I suspect there are many other onlookers who do the same and stay silent.
Given the nature of jumps racing it'll always be harder to get right over the sticks. My view is it still has a value though, but my thoughts are figures need to be used in conjunction with other methods.
As an example, I remember having a debate with Alun elsewhere many moons ago, although if I'm honest I can't remember where we got to with it. My view however is that the nearest you'll get to having useful figures is from 2 mile graded hurdles, and from there is gets harder and harder to trust what you've got. He may well chip in on this, but I'm pretty sure and I'm not sure why, he had his most reliable figures from juvenile hurdles. He was having some considerable success when factoring likely improvement using an historical angle. And given the great work Bachelors Hall is also doing in this sphere, and with a possible breeding angle too, I reckon there's some real scope to put several methods together to find an angle.
It's this kind of work rather than a single method that can give an edge. The problem with using one method is many others do the same giving no edge when it comes to the odds. An open mind to the methods others use is important, but collaboration is the key.
From my perspective there are many factors I use to make a selection, but one of the key factors I've used recently is predicting the likely pace of the race. I met a guy in Australia who has done this very successfully for flat racing, and recently I've been trying to adapt this to UK and Irish jumps with some early success. Given the pace of a race can fundamentally change outcomes this area surely should be something that is factored in when using speed figures is it not? And taking this back to the title of the thread. I'm sure most would agree that the pace of previous Champion Hurdles has a had a fundamental impact on results.