Here's an update to my '05 Stumpy. With all the upgrades I've made over the past several months, it barely resembles stock:
The new hotness - wheels: XT hubs, Mavic 719 rims and 14/15 spokes. I replaced them after taco-ing the front wheel. After some investigation, it turns out my front shock was badly under-loaded by the LBS (80psi, should have been 125psi) so the spokes were probably toast from bottoming out constantly.
Other than that, I've replaced lots of things... pedals (Eggbeaters), seat (Avatar 155mm), disc brakes (Avid bb7), tires (Panaracer Smoke/Dart), handlebar (Bontrager riser), and grips (Ergon). Most of the changes are for ergonomics. A few were necessary considering I'm a 255 lb. Clydesdale that does some steep technical trails.