I'm not disagreeing with anything that's been posted regarding Like Now's future prospects, but he may be a good example of a phenomenon that Mall mentioned in a post quite some time ago (in the midst of an exchange with Classhandicapper, so it was easy to miss).

If I remember correctly, Mall posted that studies had shown that the ROI on speed horses tends to increase as the number of speed horses in the race increases. In other words, the betting public tends to overestimate the likelihood of a speed duel.