I, too, notice that I get winded faster outside compared to treadmill. I always figured that it had to do with the difference in the dynamics of the two. Outside, when your foot contacts the ground, your leg has to push back in order to move your body forward. On the treadmill, however, your leg doesn't push back at all. When your foot contacts the treadmill, the belt pulls your leg back. Therefore, that "pushing back" effort that your leg has to do outside is absent during treadmill. Does that sound like a "plausable" explanation, or am I imagining things?