Work periods only - if you include the rest periods as well, the average power will be significantly less than 100% of functional threshold power (and the normalized power will be ~100% of functional threshold power, at least if you're hammering yourself the way you should be 🙂).
Any continuous effort of 3 min or longer at (or above) the indicated intensity could be considered a "VO2max interval". IOW, you don't necessarily have to do these as part of a shorter, structured workout with specific rest periods. You *might*, though, be able to train at a slightly higher intensity and make better progress if did do them that way.
BTW, here's a couple of recent articles that are semi-related to your question:
http://www.ncbi.nlm.nih.gov/entrez/query.fcgi?cmd=Retrieve&db=pubmed&dopt=Abstract&list_uids=16177614&query_hl=1
http://www.ncbi.nlm.nih.gov/entrez/query.fcgi?cmd=Retrieve&db=pubmed&dopt=Abstract&list_uids=15387806&query_hl=1
(I found these interesting because 1) my long-standing habit has been to take just 2.5 min rest between 5 min intervals, since that "felt right", 2) the fact that blood lactate levels in the 2nd study were close to the OBLA level of 4 mmol/L, which is in keeping with the normalized power concept, and 3) the total work duration in both studies was 24 min, which is consistent with my experience that doing 6 x 5 min at such an intensity is a lot harder than doing 5 x 5 min.)