Trevor - your point is well taken. Again, it is the calculation of heart rate (the number of beats within a given time frame) combined with the volume of blood being pumped out with each beat (stroke volume) that gives you total cardiac output, the amount of oxygen-rich blood going out to the working muscles. And yes, the more efficient your heart is the fewer times it needs to beat; one of the benefits of effective cardiovascular exercise is a lower resting heart rate.
IMHO, if a heart rate monitor is to be used one should determine one's heart rate training zone by the Karvonen formula, which factor's in one's resting heart rate and thus one's current cardiovascular fitness level. And again, one should use the HRM in concert with other measurements: The Talk Test (you should be somewhat breathless and able to carry on a very short conversation, but NOT able to sing) and the Rating of Perceived Exertion. Especially in the summertime, with higher ambient temperatures AND higher humidity in many areas, the heart rate can be driven up in a manner that does not indicate true exercise-induced cardiovascular workload.
A-jock