I finally took the plunge and upgraded the stock V-brakes on my Trek mountain bike to Avid BB7 disc brakes. It really was straight forward and final adjustment of the calipers was a breeze. The only parts required for this project were 2 new disc-compatible wheels, front and rear brake kits, and a special rear disc adaptor for my 2002 Trek (2001-2005 Trek models require a special adaptor for the rear frame which the rear caliper then bolts directly to). I now have two 26" Matrix 750 wheels and nice set of Promax V-brakes available with only 300 miles on them if anyone is interested!
Here is a link to the new wheels:
Here is a link to the disc brakes: