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We present a QCD analysis of heavy quark mesons focussing on the B -> D*formfactor at zero recoil, F_D*(1). An advanced treatment of the perturbativecorrections in the Wilsonian approach is presented. We estimate thehigher-order power corrections to the OPE sum rule and describe a refinedanalysis of the nonresonant continuum contribution. In the framework of amodel-independent approach, we show that the inelastic contribution in thephenomenological part of the OPE is related to the mQ-dependence of thehyperfine splitting and conclude that the former is large, lowering theprediction for F_D*(1) down to about 0.86. This likewise implies an enhancedyield of radial and D-wave charm excitations in semileptonic B decays andalleviates the problem with the inclusive yield of the wide excited states. Wealso apply the approach to the expectation values of dimension 7 and 8 localoperators and to a few other issues in the heavy quark expansion.

B-> D* zero-recoil formfactor and the heavy quark expansion in QCD: a systematic study