I find it hard to understand why Binocular is such a short-priced favourite for this race. Here are his speed ratings from Cheltenham last year through to his most recent run at Ascot:
SR RPR
Chelt Mar 2008 149 148
Aint Apr 2008 158 157
Hayd Nov 2008 - 138
Asc Dec 2008 154 172
And here are Celestial Halo's:
Chelt Mar 2008 150 149
Aint Apr 2008 150 146
Asc Dec 2008 149 165
Sand Jan 2009 154 165
Third at Ascot was Chomba Womba:
Chelt Mar 2008 141 146
Winc Nov 2008 129 151
Asc Nov 2008 137 151
Asc Dec 2008 131 151
Donc Jan 2009 103 132
Next came Katchit:
Chelt Mar 2008 157 167
Kemp Oct 2008 157 157
Winc Nov 2008 136 158
Asc Dec 2008 137 158
Crack Away Jack was last:
Chelt Mar 2008 135 149
Chep Oct 2008 134 153
Asc Nov 2008 137 154
Asc Dec 2008 127 150
Finally, here are Osana's figures:
Chelt Mar 2008 156 166
Aint Apr 2008 136 158
Sand Jan 2009 155 165
The first conclusion would be that Crack Away Jack has done nothing ratings wise to justify a place near the head of the betting.
Second, it seems the RPRs for Binocular's Ascot race may have been inflated. There is a clear gap between the speed rating and the RPR. That can be quite normal, of course, but the Racing Post analysis of the race includes the following remark: "A tactical race was the big worry, but that criticism could not levelled against it after last year's Triumph winner, Celestial Halo, set off at a brisk pace and rounded Swinley Bottom some 10 lengths clear of the other four, who were tightly grouped". That was also my impression while watching the race. In these circumstances it seems hard to justify such a gap between the respective ratings. The fact that Chomba Womba bombed next time out, Katchit was off colour and Crack Away Jack ran below form, and that all three ran slower than usual is not encouraging either.
A knock-on effect of this inflation is that Celestial Halo's and Osana's race at Sandown may also have been overvalued in order to maintain consistency in the ratings. The net effect is that Celestial Halo's RPR is portrayed as improving by more than a stone this season while running just a few pounds faster. Meanwhile Osana is reckoned to have run the same race in defeat at Sandown as when coming second in last year's Champion Hurdle, which I would think surprising on a seasonal debut in a Listed race.
In my opinion the race is much more open than the betting suggests. I would take a few notches off Binocular's rating and put him somewhere in the mid 160s. He is entitled to be favourite because he is one of those with the most potential to improve, but I would put him around 7/2, not 11/8. All his form has been on flat tracks apart from his run last year against Captain Cee Bee (ok, Ascot is not flat, but its inclines are steady and gradual), so there is a slight doubt about the hill.