Found this on Tim Ferris' tweets of all places.
http://stevemagness.blogspot.com/2009/12/fallacy-of-vo2max-and-vo2max.html
interesting points:
"The bottom line question that needs to be asked is why is so much of training focused on a variable that does not change in well trained athletes, barely changes in moderately trained, levels off after a short period of time, and does not even correlate well with performance? Does this sound like a variable that we should be basing all of our training off of?"
and
"(Vollaard et al., 2009). The study showed that there was a wide range of adaptation in maximal and submaximal tests including VO2 parameters, muscle enzyme activity, and metabolite levels. An interesting finding in the study is that low responders for an increased VO2max were not low responders in other parameters. The change in VO2max did not correlate with the change in performance on a time trial, which is a significant finding demonstrating that perhaps more attention should be paid to changing in performance instead of manipulating physiological parameters such as VO2max. One has to question the training recommendations based on training designed at improving parameters such as VO2max, with the assumption being that performance will improve because of it, when studies show that change in VO2max are often not linked with a change in performance. This phenomenon of varied response is not new and can be seen in a wide array of training situations, such as altitude training for example (Chapman et al., 1998)."