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hippy-
It's not really as black and white as that is it? If it's the only PM you own then whether or not it's truly 100% accurate (when measured against an SRM) is less important than it being 100% consistent. Depends on whether you are looking at it as a training tool (combined with hr and cadence data) or a measuring device.
I was very happy with mine as a training tool when it was the only one I had... Now I have the luxury of 3, and I still use it. Just not for big efforts. Making wattage re-calculations is hard when you're thrashing away at 160rpm.
dan
I don't use that bike for max power efforts - it's a winter bike. The shortest effort I will generally do on it is 5 mins... But generally it just get used for loads and loads of z2 or Z3 work.
If I want to measure peak power I will use the p2m on road or Powertap on the track.