I agree with Havoc -- he generally seems to have well thought-out guidance and has a broad knowledge base...
My experience with peak-flow meters is that they are an inexpensive tool for measuring lung function -- they're generally plastic things and I found them rather easy to "game" -- with certain techniques, I could make them read much higher than they should have -- though that can probably be said for many devices... They might be a good guide if you use them consistently, but since I found them so easy to manipulate, I've never placed a lot of faith in them...
Also -- a full-blown Pulmonary Function Test in the PFT lab in a hospital or office can have substantially different readings than taking a PFT at home, or at your doctor's office... The smaller, portable units are often good for providing more information, as Havoc mentioned -- but they are more appropriate for showing trends than they are for accurate measurements... And, so many factors can come into play when you're using either a spirometer or a peak-flow meter... Beyond height and age, weight can quickly become an issue if you're overweight (not a problem for too many of us CFers -- but it can be -- and gaining some belly-fat can have a strong impact on my spirometry readings...)
Love, STeve