RogerM - love your last comment, can I be on that list too ?
I used REFS extensively and successfully from 95/96 but with technical analysis.
It was used as a system in it's own right and worked well as Roger says in a favourable market.
I then traded purely on TA (99 on) because fundamentals (REFS) went out the window, but relying on TA was in hindsight a good thing beacause TA stops you out before giving back as much as REFS system which became expensive in bear mkt.
Funnily enough, I'm using it again now, because sifting through 2000 companies is a bit tedious, and it is very easy with the REFS cd.
So for example can search for companies that fit say the following criteria:
ROCE> 20%
PE < 14
3 month relative strength >15%
MKT cap < 600m
you can make any combination
then have a smaller pool to look at froma TA view point
you don't need to use it just for PEG companies
good luck