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
Validation is Model's issue. Only model knows how your data should look like. You describe your data fields in model, so you should describe validation rules for this fields in the same place.
It seems to be obvious for me, but I'd gladly listen to opponents.
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.
Ideally, you want 3 layers of validation: