I think clipless pedals are worth it.

I've put about 1500-2000 miles on my Nashbar Ventoux 2 pedals. They only cost me $35. I haven't ever had any problems with the pedal, and haven't had to rebuild them.

My shoes were also only $27. I bought some cheap pair of Northwave shoes from Bonktown.com when they were probably at 80% off. They've about 3000 miles on them and are still good (just smelly).