I have a polar heart rate monitor also.
I did a little experiment the other day, where I compared the calories burned and heart rate on my heart rate monitor to what it said on my cardio machine.
The heart rate was spot on, the machine was always within 1-2 beats/min if not exactly right.
At the end of the workout, my heart rate monitor said I burned 340 calories, and the machine said I burned 430!
So yeah, I don't think they are terribly accurate.