Tony,
I have also wondered about this too. I tend not to wear my HRM during weight lifitng. I did find on one web site that -
"the lag time in heart rate response to a change in exertion - 15 to 30 sec lag with 2 to 3 min to stabilize at the new level of exertion."
Unless you are using circuit training during weight lifting where you are keeping your heart rate up all the time I think you may get a false reading. Too high or too low, I don't know.
I am going to say that most weight lifting is an anaerobic exercise and you are buring glycogen and not fat. I don't know if that is recorded well by HRM's.
This is my logic and I could be wrong, but noticed no one else attempted an answer.
Anyone else with more knowledge/experience care to comment?
Terry