His rally from 15th to first in the Kentucky Derby was eye-catching, but as ABC's blimp camera clearly illustrated from overhead, "Pegasus" and jockey Kent Desormeaux slipped through along the rail almost every step of the way. It was the most fortuitous trip imaginable in a 19-horse field.  Yet his margin of victory was only a length-and-a-half, and runner-up Aptitude lost that much ground around the turns in comparison.

And remember, the Derby's torrid pace was beneficial to horses well off the pace. It was no accident that the first three across the wire were lagging behind in 15th, 13th and 19th after the initial quarter-mile.

Was it the manner in which Fusiachi Pegasus won the Derby? He did seem to be running effortlessly through the stretch, galloping past the leaders with long strides under little more than a hand ride. But often it is incorrect to assume a horse that wins easily could have run faster under pressure. Good horses try hard, even without being whipped. And Desormeaux commented before the race that Fusaichi Pegasus was "running his heart out" through the Derby stretch.

Was it his running times? Hardly. His 2:01 clocking was among the top 10 in Derby history, but the Churchill Downs track was lightning fast. His Beyer Speed Figure was 108, about the same as previous winners such as Real Quiet, Lil E. Tee and Charismatic, who had trips not nearly as lucky as Fusaichi Pegasus received.

Fusaichi Pegasus' $4 million yearling price makes for good press, and undoubtedly contributed to his reputation. But once a horse has established racing form, the details of his purchase become meaningless. Seattle Slew cost only $17,500, and Spectacular Bid was purchased for only slightly more.

His Hall of Fame connections? Neil Drysdale is a masterful trainer, but in the same category also belong Bob Baffert and Wayne Lukas and Bobby Frankel and at least a dozen others. Joe Orseno is no slouch, either.

Fusaichi Pegasus is indeed a marvelous physical specimen. He was clearly the most imposing horse in the Preakness paddock. But Alydar and his son Easy Goer were just as handsome, and won one Triple Crown race between them.

And, yes, Fusaichi Pegasus went into the Preakness with a 5-for-6 lifetime record. But Red Bullet was 3-for-4, and now is 4-for-5. In 1990, Mister Frisky had a 16-for-16 record going into the Kentucky Derby, and never saw the winners' circle again.

This isn't meant as a knock on Fusaichi Pegasus, but rather all the hype that accompanied his difficult-to-pronounce name, colorful training antics, and lofty price tag. "Pegasus" still might be the best 3-year-old in the country, and based on past performances, a case can be made that he deserved to be a 1-to-5 favorite in the Preakness, even in the dimmer glow of defeat's aftermath. But looking at cold, hard facts rather than hyperbole, it makes sense that a hot pace and rail-skimming trip had more than a little to do with his victory in the Derby.

Through no fault of Fusaichi Pegasus, the desperate hope that the sport would finally get another Secretariat created a rush to judgment that he was racing's next "superhorse."