Just a few thoughts on the hub debate. Phils are very nice hubs. I personally think they are wayyy over priced. Granted they are bombproof and have great bearings but for what they cost..they should. Formula/Surly/Miche are gonna be less than half the price. They all have sealed cartridge bearings and can be replaced with up-spec when they die. Miche and Formula both have large flanges and look fairly nice in my opinion. Cog and lockring thread is fairly decent. And the most important thing for me is they use standard threaded axles instead of proprietary ones that Phil, Paul et al, use. You bought yer Phils for yer 130 spaced conversion and now want to put em on a 120 spaced track bike? New axle set and prolly bearings as well. I installed a Miche axle and cones in my Level for this very reason. All the others just require a removal/installation of spacers to change the spacing.
If I was rich I would run diamond covered Phils with Tomity gold plated cogs....but as I am not, I think I will stick with the more economical choices. Phils are just not worth the inflated price.
Oh yeah....I sell the rear Formula/IRO hub for $50. 4 for the price of one Phil.