Beagle,

The $2 to $5 SP range can have some surprisingly good place odds and $3 to $8 in stakes [or cups] races up can have some great place prices, both situations often offer up to 40-50% of the win price. In those circumstances a place only bet can be good value.

I agree however about your statement for e/w betting in most situations. It is poor maths. I missed a $17 winner the other day I had for the win, It came second and the place price was $2.30 !!! Any units for the place in an e/w bet are usually better off in another race for the win.