jstock said:But wouldn't that mean that NP is always a better estimate than AP? Which from acoggan's answer does not seem to be the case.
For normalized power to not be the better estimate of functional threshold power would require that it overestimate to a greater extent than average power underestimates. That can happen, but usually the opposite is true. For example, even restricting the analysis to "NP buster" workouts (during which normalized power is, by definition, more than 5% higher than functional threshold power for a ~1 h effort), normalized power is closer to functional threshold power the vast majority of the time (i.e., for 23 out of 27 cases that I just examined).
EDIT: Some other stats for these 27 "NP buster" files...
Average duration (h): 0.99+/-0.13
Average average power (W): 227+/-53
Average normalized power (W): 308+/-39
Average VI (as already mentioned): 1.38+/-0.28
Average IF: 1.08+/-0.04
Average error if you used average power to estimate functional threshold power: -19+/-12%
Average error if you used normalized power to estimate functional threshold power: +8+/-4%
Correlation between average power and functional threshold power: R^2=0.69
Correlation between normalized power and functional threshold power: R^2=0.90
Remember, this is for a selected group of files for which, by definition, the normalized power algorithm failed to live up to it's billing...