Today we reach the end of Act One. The prologue is over, most of the major characters have been introduced and by the time the curtain comes down on the concluding bumper at today's Fairyhouse Festival meeting the drama of the National Hunt season will be in full swing.

This meeting, along with yesterday's Hennessy card at Newbury, is like the halfway cut in a Major, or that time in the rugby season when the Heineken Cup elbows the Magner's League from Friday night televisions. Muscles have been tightened; the big dogs have fought their way to the head of the pack and this afternoon will help establish the pecking order, particularly among the novice chasers and hurdlers. So what has have we learned in the first Act?

Well, for a start, it seems that rumours of the death of Irish steeplechasing have been greatly exaggerated. Following a series of poor performances in recent seasons the future looked bleak for a generation of our 'leppers'. We could only muster one runner in each of the Gold Cup and Sun Alliance Chases at Cheltenham last year – one of which fell and the other finished last. Only the greatest of optimists could foresee any immediate force emerging to challenge the English.

However, if a week is a long time in politics, two months is an eternity in racing and things don't look quite as clear-cut now. Denman has had heart problems and although reported to be fine again a seed of uncertainty has been planted. Then, after a promising return at Down Royal, Kauto Star fell in a race at Haydock that he would probably not have won and is starting to look like one of those horses that never runs the same race twice in a row.

Meanwhile, War of Attrition continues to sneak back softly from a catastrophic injury, although sadly, Kicking King's connections have finally concluded that they were pushing buttons on a remote control when the batteries were already dead. Although it is still unlikely that an Irish chaser will scale the summit of 'Mount Nicholls' this season, the chances are less distant than it once seemed. If War of Attrition really comes back to form it will be one of the greatest feats of racehorse training of this or any other season.

However, the long-term answer to the chasing question could lie in today's intriguing 'Bar One Racing' Drinmore Novice Chase. Outstanding prospects such as Trafford Lad, Tranquil Sea and Forpadytheplasterer step up to the big time over fences and even if these are not as good as they look, the likes of Fiveforthree, Aran Concerto, Cooldine and Black Harry are waiting in the wings. If we can't get slew of Grade One winners from this crop it will be disappointing.

But of course if this doesn't materialise then there is always the emerging next crop in the circle of hope that makes jump racing so compulsive. This year's 'next crop' should be sorted out somewhat by today's Royal Bond Novice hurdle, where all eight runners are previous winners and in which betting is dominated by Cousin Vinny and Hurricane Fly from the Willie Mullins stable. Cousin Vinny, their first ever winner of both the Irish and English champion bumpers makes his debut over hurdles and the trainer's son and champion amateur, Patrick, keeps the plum ride in the absence through injury of Ruby Walsh.

The Ruby situation is interesting in relation to another big theme of the season so far – Paul Nicholls' ambition to emulate Aidan O'Brien, and win the trainers title on both sides of the Irish Sea. Nicholls is lying just off the leaders with a disproportionately small number of runners. Which makes it odd that he has no runners today as the three big races alone are worth over €300,000 and even more puzzling are the indications that he will have no more runners in Ireland until Ruby Walsh recovers. Hardly a ringing endorsement of second jockey, Sam Thomas, or indeed our other home-based riders.

Irish owners and trainers will not be too distraught. Funding for racing is under pressure and cash inflows from the sales rings are down, which makes it imperative that as much prize money as possible is retained at home and that the growth of our National Hunt industry is consolidated through the recession. A crude indicator of the fact that our best horses as well as people emigrate in difficult times can be seen in the results of the three big championship races at Cheltenham. In the recent decade of economic growth, Irish trainers have won these races 11 times. Through the fiscal struggle of the previous 10 years the sum total was two.

Hardy Eustace and Brave Inca were responsible for three of those 11 successes and this afternoon they take the stage again in the Hattons Grace Hurdle. While the two novice races are a glimpse of the future this is probably a fond look back to the past. No matter, it will be high drama at its finest and well worth the cold trip today to county Meath for a fitting finale to Act One.