PropPlayer,
see this thread:
http://forumserver.twoplustwo.com/showfl...part=4&vc=1
Ritmo (2nd last post in the thread) actually ran the numbers (which I knew someone from another board had done also) and found the -3 to +3.5 to be about break-even.
I think it is pretty safe to say that if the 3 is high juice there is some +EV to be had there in terms of playing these blindly. I have no opinion on Colts -3 or Colts ML, seems about fair I guess.