cynic-al – I was mulling it over.. and came to the same conclusion you did – see later post.
Although re nickc – if the climb is short enough ie less than say 20 secs, it may well be worth hammering up it since you may be using your ATP-PC cycle and not fatiguing yourself much.
One mountain mayhem I was on form and put in six or so laps all within a minute of each other, extremely consistent. However my average HR dropped from about 180 to 160. So I was getting more and more tired, but still putting in the same times. I think it was because I learned the course really well and I found myself putting in short sharp sprints up certain climbs at the right point allowing me to roll through much more efficiently.
Seems like my muscles had recovered enough ATP to sprint for short periods in the 3 or so hours between laps, but not to work flat out.