Let it be understood by everyone...Building up your own wheels is not the "cheaper" option unless you really hunt down used or discounted parts, in which case you don't get as much choice. But as you'll hear from many people on these boards, building your own is absolutely worth the extra cost and struggle. You really do learn SO much when you start from scratch, and it's extremely satisfying to know that you've just built a wheelset that's every bit as good or even better than what you'd have found on the shelf of your LBS. In addition to that, you've had the ability to choose each part for it's own reasons, which brings even more satisfaction and potential reliability to your new set.

For example, the set that I just built (my first full wheelset build) cost me $500 for the parts, has very standard spokes that are easily sourced and replaceable from any LBS, and is built around hubs that are far nicer (IMO) than I'd have gotten with the comparable off-the-shelf and equally priced williams system 30x. I'm light enough for the 20/24 system 30's, but would have chosen the 30x for the added strength. So my particular choice of wheel components didn't cost me any more or less than I'd have spent elsewhere, but they are exactly what I want in a wheelset. I also learned tons about wheel building, am now have the confidence to do truing and wheel work for my wife and friends who ride as well. When my wife needs a new set, I'll be building hers for sure, and will go that route again for myself in the future. My next set may even be a rebuild on the same WI hubset, but I'm so happy with my current set that I've got no reason to even think about that yet.

As urbanknight said above...once you go handbuilt (I'll add homebuilt) you never go back.

-Jeremy