Just finished up building up my backup / rain bike. The majority of the build is budget with an exception of the wheelset. The bike is pictured with a set of Psimet's but the majority of the time I will be using a Powertap rear with a cheap front wheel.
All considering, I think it turned out pretty nice. Weight isn't too bad either.
Considering this bike has a very heavy $120 crankset and lower level components I am very happy with the weight.