What are the significance of timed workouts in horse racing?

Most horses work out between races to maintain peak fitness. But are those leg-stretching sessions useful in handicapping?
That really depends. In some situations a sparkling workout could be significant, signaling that a horse is at his or her best and is poised to deliver a winning effort. But it also could mean the trainer is trying to “wake up” a horse who hasn’t been putting forth much effort in its races.

All in all, I wouldn’t attach too much significance to the designations in the Daily Racing Form and other basic information providers. Most players who incorporate workouts into their handicapping subscribe to a private service that offers much more detailed information about how a horse looked during its morning exercise.