I've just sold my Kettler Magnetic "Spin Bike". It will fund about 25 sessions at the LBS Wattbike course.
I'm a total convert to Wattbike/Power training. My heart rate lags so far behind power output that I'd say "perceived effort" is a better way to do shortish intervals.
Of course perceived effort usually results in a slow downward curve of actual power.
Maintaining real power at, or beyond, threshold is, as I have found out, way, way, waaaay beyond my perception of what "a really big effort" was.
2* 20 minute intervals at 110% & 130% of FTP is without a shadow of a doubt the toughest thing I have ever done whilst sat on a bike (It's one of the sessions on the FTP improvement course, the interval structure varies each session).
Also the group environment, with live performance figures displayed for all to see, adds the sort of peer-pressure motivation that I simply can't find in my lonely cold garage.