so here's my theory. as far as i know, there are only two ways to truly measure heart rate: actually taking a pulse or actually measuring/tracking the electrical activity of the heart (ekg, for example).
as i understand it, the chest bands actually pickup on your heart's electrical activity so they tend to be accurate. that's also why you wear them over your heart. it sounds to me like these optical sensors don't actually measure your heart rate. it seems like they work by some kind of algorithm with data the sensor reads from how the light beam responds to your veins or capillaries. so it's not measuring electrical activity from the heart or counting your pulse.
i have no idea how the algorithm and the light sensor interact, but this seems like it would clearly be a less reliable method than the medical standards. it seems like the light sensors work more like the calories burned estimators. you tell the device your height, weight, sometimes age, and sometimes real biofeedback (tell it you're working out at 20% of max for 20 minutes, for example) and it'll give you a calories burned estimate. the problem, however, is that we know you can't really verify how many calories you burn. you track that by completely different means--elevating your heart rate to a certain point and keeping it there, taking x number of steps, a hard weight training workout, et cetera, in combination with diet, monitoring what's going into your body. heart rate, on the other hand, can be easily verified and is an important metric. unlike calories burned estimates, inaccurate heart rate readings are worthless, particularly when we have a less convenient yet medically accepted means of measure it--simply taking your pulse. pretty all marketing that i've seen for any light sensor heart monitor don't say what's actually happening and over-promise wildly. maybe microsoft has made the same mistake.
hopefully, however, the band can be made more accurate via software updates. one important thing to keep in mind, however, is that optical sensors are NOT measuring your heart's electrical activity so in that sense they never will be truly accurate. you can be in afibrillation and not even feel it even if you are taking your pulse, but an ekg will pick that up immediately. and these light sensors don't appear to actually count your heartbeats, either. so i think it's important to keep in mind that what we're truly getting here is more like a calculation than a reading.