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My point is that mostly Black will not have studied the Ponz and will end up with a position deficit, material deficit or a time deficit or some combination of those.
That's not true tho, ipcress. If Black is faced with someone who plays the Ponziani regularly, it won't take much work at all to find out about the Fraser and to run it through some engines to make sure it's sound. Then the next time you play it against that person, it's White who's in trouble.
That's the nature of chess these days. The life span of the average novelty is about one afternoon. If you use the Ponziani as your main repertoire weapon, your rivals will learn to play key lines against it.
Here I will disagree with you. Very few players will go through the hundreds of lines to learn the Fraser as Black and if they do, they would not know the current lines.
As I said there are only about 3 people on this earth who know the current lines and they all play Ponziani as White. The Fraser gets no advantage if White plays correctly. Not only that Black has to walk through a mine field.
But that's not what I am saying, SF. Reread my comments.
Most Black class players don't study the Ponz because why should they? Hardly anyone plays it.
But as I said:
IMO the Ponz is more suitable against lower-rated players and unprepared players.
I would not play the Ponz as a main repertoire weapon.