When is each-way actually value?
The honest answer: less often than bookmakers would like. At 1/5 odds a place, the place part is only mathematically fair when the field is big and the odds are long. As a rule of thumb, each-way earns its keep at 10/1 or bigger in handicaps with 12+ runners, and especially when extra places are offered. At 4/1 in an 8-runner race, the place part is a quiet tax on your stake.
Festival week is the exception that proves the rule: extra-place offers on the big handicaps are one of the few times the maths genuinely bends toward the punter.