In reply to tony:
Warning nerd alert:
I only have a fairly basic heart rate monitor which I mainly use to give me my average heart rate for a session. I enter this data into a spreadsheet I created along with times, distance and height gain (I mainly fell run). This is put through a series of equations that produce a couple of different point scores for each run (based on different metrics) which are then graphed to show me trends in my performance and also performance vs. heart rate. (The reliability of my scoring system is confirmed by predicting performance in races, in the last race (the Cader Idris fell race) I did I predicted my time and a number of my friends who were also running to within 30 seconds, <0.5% of total time. I did not tell them their predicted time before hand).
By using heart rate you can see if you are actually getting fitter or just trying harder, which is hard to do on when lots of your runs are at different efforts and are hilly.
My latest discovery is that while I am getting faster my Cardiovascular system is apparently getting fitter fast than my legs, this has identified a relative weakness for me to work on. So I am going to target more of my training on leg fitness and conditioning over cardiovascular fitness.
So more data means smarter training in theory, if you like numerical analysis that is! I'm sure things like strava tell you this sort of thing without you having to develop your own set of equations.
It's also probably worth mentioning that I'm pretty new to running, (only been doing it for a couple of years) and don't do nearly as much running as it sounds like you do. I'd just get better by running more, in fact a few of my friends laugh at me for being so analytical but running so little!