My new baby, 2012 Raleigh Talus 2.0:
Ram Mount for my phone/gps/other device:
Not much for upgrades yet, just got it. I probably won't do too much with it, though I might go with some different handle bars, grips, and saddle. I have a quick release bike rack that's I use for commuting as well. Just some cheap Bell lights on the front and back but they actually work pretty good.
Whole setup to this point ~$350, not bad for a low budget bike. Rides nice on paved trails for a MTB. I'm way out of shape and obese but I can pump and maintain 16 mph on it and stretch to about 22 at times. Only 10 miles on her so far.