We are either spectacular athletes or the formula has a mistake - you were slightly out on your method of putting the formula together, but within "close enough".
Fiddling with the formula, I get you closer to "normal" by making it minus rather than plus the results after the initial fudge factor figure, however the bulk of the variance in the calcs come from gender and from heart rate.
I figure unless you got a seriously posh HR monitor, then it picks up ectopic beats all the time, which makes them pretty inacurate - put it this way, there is often a 30 BPM difference between my HR monitor result and the old finger test when I am at rest, because I've got a funny (benign) heart rythmn - which is great fun for fooling medical students.
If however you make the fudge factor 38, it works like magic 
I can see I am going to have to enrol in a study once I am a student again if anyone is measuring VO2max at UEA...
Helen <aka geekgirl>