Good thread...lots of good points made.
The thing is, most everything is always talking about staying away from the heavy favorites...which can be good or not so good advice as many have shown in here. However, a person shouldn't be betting blindly against the heavy chalk for that reason alone. Also, like some have pointed out, there can be value in some high chalk or high dogs....but again, NONE should be bet blindly for that reason alone.
Nick Douglas brings up the point that the bigger name pitchers lose some value because of how they're viewed by the public...which is true to a degree, but what you also have to understand is the heavy dogs ALSO lose their value to a degree because of the juice. Remember many books will start to have upwards of a 40 or 50 cent line when the line gets that high....your getting value taken away on both ends.
Just my .02
-ndnfan