I like SPD pedals. They aren't "the cheapest" because you have to buy shoes too, but they are my personal preference.

Cheap SPD shoe/pedal combo @ http://www.pricepoint.com/detail/141...m-M3-Pedal.htm

If you don't want to go clipless:

http://www.pricepoint.com/detail/142...rap-Pedals.htm

http://www.pricepoint.com/detail/115...-Pedal-Kit.htm

or

http://www.jensonusa.com/store/produ...Pedal+Set.aspx


It's not a great brake but if all you use it for is supplementing your backpedaling (when riding fixed of course) it's fine.

The saddle is also crap-tastic and needs to be replaced ASAP but saddles are such a personal thing that no one is going to be able to tell you what will be most comfortable for you.

The wheels need truing when they arrive but there is nothing wrong with them, why do you think you need new wheels?

As for "everything else"- I swapped the bars to pursuit style because I find them to be more comfortable [YMMV] and I was never riding in the drops anyway. I added a new brake lever because the road levers don't work w/ the new bars. As mentioned above, I added SPD pedals because I run them on all my bikes. I taped my new bars with some regular black cork bar tape. I went to an 18T cog since it's hilly around here.

My suggestion is to get the bike and ride it as-is for a little while and figure out what you want to replace or upgrade. Some of the components (eg. pedals, saddle) aren't too good out of the box but the frame/wheels/bars/cranks/etc. are all good enough to ride with until you actually decide you need to upgrade/replace them.