I have noticed on several longer rides of about 2 to 2 1/2 hours (long for me anyway) that the perceived effort at a given heart rate is dramatically lower near the end of the ride than at the beginning.
For example, during shorter rides of about 1 hour, or in the earlier parts of my longer ride, on some of the hills around here my HR will rise to 172-175 (92% of MHR or so). It feels quite difficult and my breathing gets quite intense. I can maintain this level of output for maybe 5 minutes or so before I just have to gear down.
I travel a lot and one hotel I stay in frequently has an exercise bike with level settings in Watts. I get the same response (172-175bpm, high perceived effort, ragged breathing) on 3 x 5 minute intervals at 300W, with a 15 minute warmup and 5 minute recoveries at 200W. (Please note: I have no idea of the accuracy of the machine's power level settings.)
In contrast: near the end of my 2 hour ride I return by way of a long gradual climb at an average of 1% or so (steeper sections and a few dips, but mostly steady, gradual rise). My HR typically rises into that same 170+ range (maybe a couple of bpm lower), but my breathing is quite free, and my legs feel tired but don't burn like they do at the same HR earlier in the ride and I can maintain this state of affairs for about a 1/2 hour. I could probably go longer, but I arrive home after about 1/2 an hour.
Anyone have any idea what's happening? I don't have a power meter so I don't know whether I'm putting out as much at the end as at the beginning. Probably not, but why the high HR?
Thanks,
J