Dennis,
Think of it this way,
Valid is for deciding whether or not the focus will be allowed to leave the control at all.
LostFocus is for taking the appropriate action when the focus is leaving the control.
LostFocus can call SetFocus. Valid only returns T or F for allowing focus to leave or not.
In FP 2.X we didn't have the luxury of LostFocus and Valid being split, now we do.