Dear Oracle, it is hard to imagine any plausible basis for your blanket statement that intervals of 1.5-4min duration have no relevance for a triathlete.
I consider myself a triathlete, and for many years the aforementioned intervals have formed the backbone of what most would consider pretty strong bike performances; 4hr34min in Hawaii, fastest overall bike splits at IMC, IM Japan are examples.
Other triathletes who also make regular practice of the intervals I reference, in workouts that I provide are Gina Kehr, 9hr23 IM, top 10 Hawaii, 2nd IM Germany-France-USA, Mary Uhl 2nd IMW, and world champion Karen Smyers.
Done properly, the shorter intervals and varying rest intervals can be practiced for many months while realizing faster and more far-reaching improvement that is produced by the monotone training that too many people practice.
An important added benefit is that such improvement is realized without a notable change in training time investment; time being the primary limiter for so many triathletes, cyclists.
Allow me to clarify on the subject of viable magnetic trainers; the ubiquitous non-plug in magnetic variety (blackburn and others) do not offer progressive resistance where the pedaling gets more difficult as you either pedal faster or shift into harder gears. Fluid trainers do get more difficult but at a rate that is grossly disproportionate.
The Tacx plug in model that measures watts, and the computrainer are magnetic but do offer road-like feel and progressive resistance—good things and elevating HR is not a problem.
If you are interested in learning more detail and examples of the training I cite above, you can reference articles I have written at www.triathloncoach.com. Relevant articles include:
Indoor Bike Sanity, Rethinking Base Training, Training Backwards the Pyramid Turned Upsided Down.