Yeah, I've probally ended up putting about $500 or so in my conversion but the only think thats stock on my bike is the frame and seat post.
I have much higher quality parts than if I were to have outright bought a track bike for the same price, and too I did it all over time, which invaribily lessened the sting of the investment. Also too, I was able to ride my bike at all stages of its conversion.
When you do a conversion over time you tend to have a greater attachment over your ride than when you buy it outright.