I know that there has been much talk about this subject as to weather or not you should feed it wet or dry or that it could choke a horse. I don't want to start a whole fight about it and if you than it's not my problem. Anyways this is a really neat article I found on Rick Gore's website. A horse trainer who has many interesting and to the point videos on youtube.
The Myths and Reality of Beet Pulp - Susan Evans Garlinghouse
And here is also his personal website: thinklikeahorse.org