On one hand form validation could be seen as part of the application logic and therefore belonging in the model.
On the other hand, it deals directly with the input
I would say the form validation code should be in the controller (not the model) in most cases.
Madmartigan put it best in his comment above "Form validation !== Data validation. Not all forms interact with a model"
Web forms are logically part of the View/Controller part of MVC, since the user interacts with them in the view.