For basic wheels, I am starting to question how cost effective it is to build your own. I have built two wheels myself and it is great experience, but can't really say it is the big cost savings some claim it to be.

Formula hubs, Mavic CXP22 rims can be had on BicycleWheels.com for $135 or $155 depending on color plus $20 shipping. They claim to be handbuilt.

I got similar hubs from Nashbar for $30 (after discounts; before shipping). I can get Open Pro rims (upgrade from the CXP22's) for $48 each (after discounts; before shippping) from Nashbar and spokes I would get from my LBS for approximately $24 per set, I think. $30 + 96 + 48 = $174.

Now, don't get me wrong, I think the Open Pro's are a considerable upgrade, correct me if I am wrong, but if you are looking for a cost effective wheelset, building yourself is not the no-brainer it is sometimes made out to be.