RD, agree that hill climbing, ie, vertical rate of gain at low speeds, provides a more consistent way to estimate power for those of us who don't own or want to invest in power meters. For example, the hill leading to my house has a 175 ft vertical gain, with the main section of 10% average gradient, according to Delorme Topo. Going hard (about 90-95% of VO2 max) gets me a steady 8.7 mph on this section. Using the formula I provided above means my average power output for this short time results in (2 x 200 x 0.10 x 8.7) + 25, or 375 W.
But, as you said, since it's a known hill, the accuracy of the power estimate isn't really that important. Just need to look at the speed I can hold, or the time-to-climb to gauge whether two-minute power is improving or not.