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Great topic. We're also seeing what's called an "Infrared excess" around young stars in Orion which puts the core accretion model into the forefront. The dust is cooler than the star and emits more light at longer wavelengths than the star would alone. At about 5 million years old the stars no exhibit this "infrared excess".
Disk instability is my favourite model (although don't believe it). It goes something along the lines of massive gravitational collapse of a gas cloud and forms planets in <1000 years.
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