BJ!
Most of us who beleive in ratings versus systems, use some formulae to convert ratings to prices. What prices you get depends entirely on the formulae used.
A top rated horse, to me, still means a horse with the best chances in the race 'IN MY OPINION'.
It's up to us if we are prepared to except the offer of the bookmakers, and anybody silly enough to except ANY price, deserves what he gets.
Incidentally, I think most of the people using systems, also think the same way.