If I were in your position . . . That's a really nice frame (I'm partial to ti), and 105 is a serviceable grouppo. If you upgraded to Red, you'd probably feel a difference only in shifting and you'd have a weight difference, but you wouldn't notice the weight savings while riding. But with a ti frame and Red-level, you’d be set in with frame/grouppo for 10,000 miles at least (?). Long term, that would be your best angle if you wanted to keep your Litespeed for as long as possible. I know you didn't mention this as an option, so I hate to dodge the question, but have you thought about good multi-purpose training/racing wheelset like some top-of-the-line Mavics, Easton, or Reynolds? Another idea may be to buy a PowerTap rear wheel, but I don't think $1,000 will get you one unless you find one on ebay, pre-owned. But if you already have a wheelset you like, I'd upgrade to Red before I bought a second bike (ie, the road bike option). IMHO, train on what you race on, and buying toys and maintaining one bike seems more fea$ible for most. I’d rather have one kick-ass bike than several bikes I’m constantly wanting to upgrade. I looked at your profile and I can't tell where you're from, but how about a MTB? $1,000 MTB would be pretty sweet for off-season. I'd love to have a MTB to ride when it gets "cold". Keeps you sharp in winter, breaks up the road routine, helps with technical abilities.

We triathletes are gear junkies. Unless your components are falling apart, I would not bother about the drivetrain. You can be lighter by having better component sets but you are the engine that runs that machine. So I would go with a used powertap on craigslist or ebay. That will get you faster no matter what equipment you have.

And on the same subject matter, I'm still looking for a used powertap if any of you have or know anyone that have one and wants to sell it.

I agree, go with wheels or power meter. That's what I'm saving for too.

You just need to put coach under a different column in your conceptual accounting spreadsheet than upgrades...then you can have and justify both!

Of course if actual money is the limiter not just the justification you'll have to talk to someone better at "real" accounting than me (actually if any money is involved you'd be wise not to follow my advice).

thanks for all the helpful suggestions