You dont need to know your max HR, you can work on lactate threshold HR to determine your zones. Since the lactate threshold is actually a sustainable threshold it is probably more meaningful than the MHR.
This is true, however, as the OP was about MHR I stuck with that parameter.
I myself have calculated my zones from my 25m TT downloads and use the calculations/charts contained in 'The Cyclists Training Bible' by Joe Friel. I feel this is accurate enough for someone at my level of the sport.
Without a powermeter I find using the HRM in conjunction with cadence and similar gearing etc., seems to be giving me good workouts that I can compare over time to judge improvements - roll on this years TT season! Maybe next year I will have saved enough for a powermeter and then the HRM will have something realy good to work with!!