Crash,
after reading the handicapping pages,where it says something about, "the handicapper may use his/her discretion to allocate weights", as well as the factual figures, is where we as punters are then infact taking on the handicappers "opinion".
If let's say we all use the same basic rules to handcap a horse and assume it's class, then we as handicappers use our own discretion to, and that discretion differs from the official handicappers, we then make our own Fav.
The bookies make money on this aspect, and good on em.
But, back to the original question, I think CP is asking if there is a way to mechanicaly determine a true Fav?
I now don't think there is after reading the handicappers rules.