Sorry I'm coming late to this party. I am a huge Peavy fan, and these comments aren't directed at anyone in particular. Two things, though:
First, if I recall correctly, Peavy's WHIP was around 1.45 earlier this year. Thus, he's brought it down some. Plus, as rockpile pointed out, in just the last month, his WHIP is UNDER 0.70. UNDER 0.70. If nothing else, certainly that's an jaw-dropping trend.
Secondly, I don't buy the argument that a high WHIP and a low ERA are *necessarily* indicative of luck. In aggregate, perhaps that's true, but in any specific case, why can't the WHIP be the number that's the result of luck -- bad luck, as it is. Perhaps Peavy's high WHIP is due to the fact that: a) he's a genuinely good pitcher, such that teams can't string an extended series of hits against him and b) earlier, he was victimized by some bad luck such that balls went into gaps or between fielders. And maybe now that bad luck is evening out, and we'll see his WHIP fall more in line with his ERA.
Of course, walks are a different issue.
Still, Peavy is a young stud, who is relatively rested going into the home stretch here. I am thrilled I have him.