The fact that this story has almost nothing whatsoever to do with the horse racing is, frankly, one of the best things about it. Hunter S. Thompson was always at his best when discerning the habits and defects of the human animal, and while I'm sure he would have found some way to make the excruciatingly tedious exercise that is your typical horse race exciting, it's probably for the best that he wasn't paying attention. He had come to "watch the real beasts perform," he later said, recalling his homecoming to a sweltering, thronging Louisville in the spring of 1970.
What follows freely blends journalism with creative writing, casting the author himself as a character within events and caring not where he crosses the line between fact and fiction. Both blend together freely into a portrait made of emotion and sensation, more than strictly factual sports journalism. The portrait is a grotesque one, much like the portraits described in the text, but no less revealing for it.
Accompanied by the thoroughly bemused English satirical artist Ralph Steadman, Thompson dives into the dark heart of Kentucky, searching for the perfect ugly mug for Steadman to caricature for the article. Which strange specimen of humanity haunting the infield and boxes of Churchill Downs would suit the task? Their search takes them through the absurd circus surrounding the Derby, a world in which the spirit of the Jim Crow South seems alive and well heedless of the world changing outside, where Kentucky Colonels ralph their lunches into the urinals (but still try to keep the mess off their white suits), where the powerful preside from their exclusive boxes and the rest make asses out of themselves. Thompson and Steadman come out the other side stinking of booze, mace, and vomit.
Thompson doesn't just skewer the locals on his satirical wit -- he was, after all, one of them -- but also himself. The end of the story shows that by coming to laugh at the circus, he ended up more or less being one of the clowns he was looking for himself. When he gazes drunkenly into a mirror at the denouement of the story, he realizes the ugly mug he was looking for was his own.
There's no such thing as being a perfect observer to events. You always, inevitably, become a part of them yourself. And when you wrestle a pig, you both get covered in shit -- but the pig likes it. Not much changes in America, and I'm appreciative that this read put that in perspective for me.