When I started using a HRM I was presented with the standard 220-age formula in the manual. I found on the web a more accurate formula relevant to those who already are "athletic" rather than sedentary to start with. This was more applicable to myself and I found my max heart rate tied in with this much more than the simple calculation. "Athletic" here being physically active.
This link has more detail but you'll find it all over the web, it accounts for weight as a factor as well as age:-
http://www.nowlin.com/heartrate.htmBut everyone is different and you may not feel it matches your needs but worth a look.
In terms of zones the fat burning I found was always down at around 110-130 for my max HR, in other words quite low and they say that for fat burning it shouldn't feel like hard effort, in fact easy........ I think this may be where many dieters fall down. They may burn glycogen stores rather than fat and wonder why the weight isn't falling off. Now the latest fad is HIT training to maintain VO2 levels, its a nice quick way to keep fitness levels up. So good for a quick turbo session.
Edit: Just a note that the improved formula returns a higher HR for a particular age. Your max HR will reduce with age but those who stay active don't get the same amount of reduction due to their activity. It's trying to stay younger for longer a losing battle but worth putting up a fight I feel.