You can get really good stuff on sale this time of year...pedals that retail for $150-$170 for around $80. Shoes are tougher depending on what you need that fits your foot. If you can be patient and shop carefully, top end gear that's one or two seasons old but still in the box is the way to go. What was it? $75 for Look 396's? That's a great price for an excellent pedal.

Treespeed, your shoes might work great for you but don't be so quick to pass judgment on the more expensive gear. You might have got a great deal so count yourself lucky. Sometimes you have to get what fits. Sometimes its a good deal, sometimes it isn't. As mileage and workload go up, good shoes are worth as much as a good wheelset. Shoes, wheels, saddle...any place you come in contact with the bike and the bike contacts the ground is important.