In reply to AndyUKC:
As an addendum to my comments above, I just realised that I wrote that raised 2,3-DPG and/or shift in the oxyhaemoglobin dissociation curve wouldn't be reflected in the sats - which is of course a bit silly. Although the truth is quite complicated - raised 2,3-DPG, which happens pretty fast at altitude, shifts the curve to the right, which improves O2 uptake by tissues but would actually be expected to reduce arterial saturations, rather than increasing it - which is why I was confused by your assertion that acclimatisation should lead to higher sats.
Just had a quick read around this. The physiology textbooks say that your P50 should be slightly higher after acclimatisation, i.e. lower saturations for a given pressure of oxygen, due to a combination of raised 2,3-DPG and respiratory alkalosis which then corrects due to renal compensation. That's kinda what I thought. However, there is actually some evidence that saturations do improve with acclimatisation, as you've said (
http://www.ncbi.nlm.nih.gov/pubmed/8410766 ), although no-one seems to be explaining why... Anyone else able to help us out?
You're right that an oximeter is a useful tool in an emergency, but I'll still say it's not of much use in diagnosing altitude-related illness in general, and certainly not AMS.
Pete.