power meter and wheel set

There's currently a PowerTap GroupBuy going on here: http://beginnertriathlete.com/discussion/forums/thread-view.asp?tid=273294&posts=31&start=1

Pretty good deal if you're willing to buy just a rear wheel, powertap, and computer.  Sell the computer if you have one that is capable of being used with the PowerTap.

You might do well to evaluate the features and benefits of crank and pedal based power measurement vs. rear wheel based.

The closer the power measurement occurs to the source where the power is applied, the more the information reflects what you are putting into the bike (at the pedals or cranks) as opposed to what is coming out (at the rear wheel).

Additionally, emerging power measurement technologies in the last year are focused on measuring power seperately from the wheels- so you don't have to rely on a single wheelset to measure power or buy multiple wheelsets with power measurement hubs.

It's worth noticing that the two most recent entries to the power measurement world, Garmin's upcoming Vector and SRAM's recently acquired Quarq, as well the as the most commonly used power meter among the pros, SRM, are all crank-based.

Wheel based power measurement gets a lot of play here in the U.S. partially because of their vigorous distribution efforts.  

Here is the Quarq: 

And the new Garmin Vector:

With that budget, you definately have options as none of the current power meters (except for maybe SRM) are out of your price range.

I would first start off as listing your goals for this power meter and your race wheels...and that should narrow down your choices.

Do you plan to use the power meter on multiple bikes?  If so, do you use the same wheel size (650 or 700)?  Do you use the same chain ring sizes and are your bottom brackets compatible?

What type of racing do you do?  Is it all triathlons where discs or disc covers would always be used?  Or do you also road race and would like to get race wheels for road racing too?

Currently, my power setup is a PT training wheel.  I use this when training on both my road and tri bike.  When I race tris or TTs, I slap on a disc cover and use a 404 front.  There is one tri I do where discs are not allowed, in which case I use a 404 set and race without power.  For road racing, I do not race with power and either use a 404 set or a 202 set for climbing races.  My bottom brackets are not the same (BB30 on the road bike) so a quarq is not a solution for me right now.

If I had to redo my entire setup, I would get 2 bikes with compatible BBs and get a quarq.  Use a 606 wheel combination for tris (with a disc cover when allowed) and a 202 set for road racing.  This would allow me to race and train with power at all times with optimal race wheels for every situation.

If the garmin vector was already established and proven, I would go with that instead of the quarq simply because it's lighter...and that matters in some of the hill climbing road races I do.

i race triathlons on my bike and plan to only use it for one bike.  the thing is that price range is for both the wheels and the meter. so far im going to be getting myself fitted more aerodynamically soon.

so far i want a power meter to basically tell me my wattage, cadence, speed, distance and calories burned. for wheels more aerodynamically and lighter since i bike hills a lot. im trying to be able to afford a power meter by january when i start my off season bike work and a set of wheels come early next may. i have 500 saved up after 2 months working so far.

I would say your best value would be in a powertap rear, with a disc cover, and an aero front.  It's the most economical and very effective for your purposes.

The only reason I would consider a quarq (SRM, or Garmin vector) for you is if you feel that you would not always race with a disc cover.  I don't see why you wouldn't unless you plan to do Kona, Cozumel, or some of the other rare races that ban discs.

A PT/disc cover is the heaviest of all your options, but in tris, weight is of little to no consequence. 

Define hilly.  If I'm not mistaken, even some of the elite/pros at Savageman were using disc rears instead of a lighter set. 

That being said...yes, a lighter set will help you climb faster...but probably not as much as you think.  Added weight on the downhills helps compensate some of the time you lose climbing.  I really wouldn't worry about it too much unless you're doing tris in mountain like areas where the bike finish is at a higher elevation than the bike start.

lots of short steep climbs with some 800m+ hills, north shore of long island if you're familiar, and also lake placid in a year are my hills. im constantly doing rolling hills  on my bike. at the store today i was told that wheels would give me the best advantage, already have a decent aero helmet. how well do the disk covers work?