Originally Posted by sabretech2001
The most important and non-negotiable part of a fix is the rear hub. This is the place where you need to make a good investment, as you've just discovered. Campy (my choice), Suntour, Phil Wood, even Sh*tmano (I can't believe I just said that!) are where you want to look. Yes, even a used Campy hub can run you $100 on eBay easy, however, mine were made in 1975 (yep, that's 30 years ago), and they're doing just fine.
Below that, but still quite good are the IRO, NYCBikes, Nashbar, etc 32 hole flip-flops w/ the sealed bearings. You can probably get a hubset for under a hundred. And they can be had in black, which is cool, and makes your bike go faster. Really.
Next: quality cogs! Campy, Suntour, Phil. Get used to the idea of paying 20-30 bucks for a cog. If you can get one of the above-listed for less, good, but if you want to keep your expensive track hub unstripped, you need to use a decent cog.
I agree with most of that, but a few important items were left off.
As far as hubs, Suzue Pro Max are great but still on the expensive side. Still nice but a little less expensive are Surly hubs. You don't NEED campy or phil wood to have a wheel that will last. There are many quality hubs out there. Like was said, look at IRO, or even Formula hubs.
For cogs, Ben's Bikes sells Dura Ace for $20, which is a really nice deal. They also have EAI for, I think, around $30-35. Both very nice cogs.