Me,
I have different degree's of form study.
I basically start off with skimming through the race first, to see if there are any horses that caught my eye from previous runs.
I then go through and check the track and distance, distance, track, wet, dry, first up, second up etc, circling anything that stands out.
I then go through the form, and see what they have been racing behind, and how far they have been getting beaten etc, and what class they have been racing in.
Will then check the pace of the race to see what type of horse will be suited
If i am serious about a race, if the stable has runners, I will normally go through every horses entire race history, and try and get an idea of their ability by seeing what horses they have raced against have come out and raced well out of the races that any of those horses may have been in

The last part I don't do very often, as it can take a quite a while to go through all the form, and I am not a serious enough punter, or have I got the patience, or enough time to do that for every race

But I am normally not far off the mark when I put that much effort in
