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If you're not using power training peaks is pointless. Just log your time and percived effort in a diary and see how you feel and you can check back.
Sorry to nit-pick but... I've been getting HR TSS (with whatever bike) over the last couple of years. For everything but stationary trainer intervals the TSS compares well enough with that gathered from a PM.
For the turbo I use a calibrated spin-down for power (not a virtual profile). So... all bases fairly well covered without actually owning a proper stress-gauge PM.
Vo2 is pointless test really. Mine is near world class but I'm far from it due to other limiting factors, efficency. If you're not training with power it's all pointless testing. Just learn what perceived effort feels like and use HR with caution and common sense. Get him to do a MAP/Ramp test they're good. Will tell you what you can do now then you can go back and test again.
Power meters wont become standard for a long time.
If you're not using power training peaks is pointless. Just log your time and percived effort in a diary and see how you feel and you can check back.