When drawing to hands, the most important thing to consider is the quality of your outs. If you are drawing to an open-ended straight and there are two suited cards on a paired flop, you need to worry about a flush or full house getting there by the river.

eg.
vexvelour: J [img]/images/graemlins/spade.gif[/img]T [img]/images/graemlins/spade.gif[/img]
Board: 9 [img]/images/graemlins/diamond.gif[/img]9 [img]/images/graemlins/heart.gif[/img]Q [img]/images/graemlins/diamond.gif[/img]
At first glance, you have 8 outs. But then subtract the 8 [img]/images/graemlins/diamond.gif[/img] and K [img]/images/graemlins/diamond.gif[/img] and you only have 6. Furthermore, you have "tainted" outs if up against 98 or K8. Any even if you hit one of your safe outs, an opponent holding a danger hand will often stay in until the river and draw to beat you.

I find the key thing about implied odds is to think about what your opponents can be holding that kills your outs. In terms of the process outlined in the book, it sounds correct.

1. Figure out the odds you will hit any clean out.
2. Calculate the pot odds. (current size of pot / size of bet you have to call)
3. If you have a clear call, then call or raise accordingly.
4. If you do not have a clear call, consider your implied odds. (read: "How much more money can I expect to win if I hit?") Consider that sometimes a card that completes your hand makes it obvious that you hit (ie a flush) and you may not win as much as you had hoped. (how much total money can you expect to win / size of bet you have to call)

The key is figuring out which outs of yours are live. You may also consider "bluff outs", which mean that your opponent might fold if a scare card comes and you make a move to pick up the pot.