One of our ratings in Axis is based on impact values, of about 6 factors if I remember correctly. They do well. As it was mentioned before, some investment is required to obtain these values in form of data acquisition. Whether you do this by yourself or use some tool to do it. The concept is a great idea. However at the end it is another statistical interpretation of data. Its up to the user to make it work.

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Michal - Ratings2Win Pty Ltd
R2W Axis - Axis is Australia's leading horse racing software and database;
with sophisticated form analysis tools and accurate horse performance ratings for TAB meetings.
http://www.ratings2win.com.au/