Ronnster, welcome to the Garmin club. I expect to see training profiles from your various rides posted soon.
I replaced the batteries in my monitor as they had been sitting on the shelf of the LBS for god-knows-how-long. I have only had intermittent trouble with my heart rate. I put it down to two things.
Firstly, poor contact between the chest wall and the electrodes. They have to be wet, with a solution that conducts electricity (sweat works nicely). They have to be in good contact with the skin. Might be a good excuse to get that uber-metro chest wax...
Secondly, if it happens in a particular geographic area, it may be interference, although I would have thought this to be unliekly with modern HRMs. I have noticed on my ragular rides that on a certain section of the Fernleigh track my HR climbs into the 170s despite the fact that I am rolling downhill. I doubt it's a bona-fide arrythmia (and you'd think I'd know), so I put it down to interference from ?overhead wires ?wi-fi ?who knows.
If it's neither of these, then yeah it may be a warranty job.