I have a 03’ Trek 7500 FX. I’ve probably put over 10,000 miles on it. The rims have just cracked and the wheels are shot. Most of the components still work fine and the frame looks decent, but they are showing signs of their age with various rubs and scratches.
First question, what kind of wheels? The local LBS thought any standard 700c wheels would work as a replacement. Does that sound right? Anybody got a recommendation? I run 700 x 28 sized tires on the current wheels and tend to ride only on pavement. Of course, I would like something light, fast and durable.

Second question, considering the cost of a decent set of wheels and all the other little things it would take to make this bike right again, is it time to start looking for a replacement? This bike is like an old friend, but if I’m spending about half the amount of a new bike I’d at least want to consider a replacement. I've been wanting more of a flat bar road bike anyways.
What would you do…???