I converted my 2007 Raleigh to the Sturmey Archer 3 speed SRF3 hub (their new version) at the time of purchase in November 2007. I just paid $470 for the bike on sale plus $230 for SA hub/better wheels upgrade (Sunrims CR18/105 front wheel hub/DT Swiss spokes). The Brooks saddle to top it of and here is the modern recreation of the classic Raleigh Clubman:
http://retroraleighs.com/clubman-kohler.html
The SA hub is very small & most people think the bike is a fixie. It also adds only about 2lb to the weight of the bike unlike Shimano 8 speed which is 4lb and quite large. SA is also less expensive and easier to service. I also figured that I do not need more than 3 speeds in New York. I am VERY happy with the setup. I also have Bianchi Volpe which is basically a 27 speed version of this Raleigh, Surly Pacer with Ultegra/Campagnolo Proton wheels. This Raleigh is used almost exclusively this winter.