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It uses PM meter data when available. Think the power curves etc are always PM based. A neat feature is a very accurate estimate of TSS from HR (using your historical data as a model) when you ride without a PM but with a HRM. I don't have a PM on the winter bike so this is pretty handy.
The estimated FTP from one-off hard efforts is pretty damn accurate too once you tweak the parameters.
If I switch it to W rather than WKG it's 465 it'll be a bonkers lightweight junior I imagine