I wrote up a review on Firstbeat's VO2 max estimation as well as alternate ways of doing this primarily using the Storer equation. I would be curious if folks could list their Garmin derived VO2 max as well as their 4 minute max cycling power. The review also compares the respiratory frequency measurement derived from the watch with that of the Hexoskin shirt.
I will be happy to do the conversions for VO2 max based on your power and we'll see how close they match up.