Last Sunday I was in somewhere with fairly low O2, min 15.4%, a good length of time at ~16.5% and we noticed that we were a bit underpowered and getting out of breath a bit quicker but nothing that made us want to bail out.
The worst bit was the bloody alarm going off all the time and annoying the hell out of me. ;)
From experience, in Blackett Level, if the going is easy you can easily get into bad conditions without noticing any effect. We got down to ~14% without any symptoms. In this situation we could possibly have got into a very bad place before we had registered a problem.
A meter is a really useful tool as it allows you to make an informed decision about whether you want to go on depending on how bad the air quality is and how strenuous the ground is.
Using a lighter is a simple alternative but is more of a Go-NoGo measure, it will let you know that the air is bad but no more than that. In wet conditions, like Sir Francis, regularly trying a lighter without it getting wet is a right pain.
Don't look so embarrassed, it's a family trait...