My wheels from my 2007 Sputnik are holding up great...But they came severely under and unevenly tensioned from the manufacturer and needed to be rebuilt by the shop before I used them...The bearings lasted about six months before I had to replace them (it's easy)...I used Phil Wood double sealed bearings and they've been fine since...
There's nothing wrong with Formula hubs...The stock bearings are not the best sealed but they're so easy to replace it's no biggie...
The Alex rims are fine...The aluminum is a bit softer than what you'll find on an Open Pro but that's less of a big deal if you're not running brakes...Reasonably light too...