Menorah would have no chance in trying to give Hurricane Fly 5lbs, imo. And Peddlars would have an even harder task trying to concede 3lbs.
JohnJ, I think you do Solwhit a bit of discredit, as you clearly have him even further behind this pair than you do Hurricane Fly. Solwhit is no mug. He also beat Punjabi, the Champion Hurdler at the time at Punchestown, and whilst I'm not saying Punjabi is the greatest Champion Hurdler of the age, he was certainly capable of a 160+ rating, and Solwhit is equally so, imo. Using Solwhit to hold down Hurricane Fly's form is not a theory I reckon holds much water.
Even if you're figure is right, you surely have to add a + or p to it, as he was certainly value for more than the winning distance today, and to reflect the authority of the performance?
HF remains very progressive, is not yet exposed over 2m, and is surely capable of better yet. It then becomes a question of how much further he needs to improve to get involved in the finish of the Champion Hurdle. I'd put it at around 6 or 7lbs, and see no evidence in the form book to suggest he will abruptly flatten-out now form-wise.
A strongly run race such as the Champion Hurdle is certain to be well run, and - as Galileo has pointed out - it will suit him very well. He has no stamina issues, and has proven he can quicken off strong pace over the minimum trip (last year's Rabobank probably being the best example). He goes on any ground, and the only real question mark is whether he will act round Cheltenham. Given the variety of courses he has won over (including undulating Punchestown), he should also be given the benefit of the doubt in that regard too, imo.
I tend to agree that 3/1 is a bit parsimonious, but I'd still rather be a backer than a layer at the price.