Thanks for the responses so far - a lot of good choices here. I guess by light, I'm thinking under 1800g. By cheap, I'd say less than $800 (I'm American - sorry
), and by aero, I'm looking for something that has a measurable advantage, even if said advantage is relatively minor. I weigh 165lbs, and I'm coming from old Shimano Wh-R550s that are about to bite the bullet. They have probably 20k miles on them and are all thrashed up. There are just so many options out there, but it seems like the good stuff is expensive and the cheap stuff is really heavy. I was hoping there was some secret wheel I didn't know about.
At 1800g, you aren't exactly at "light." At that weight you would qualify for SRAM S60s or almost Flo 60s. With aero wheels, you really only get to pick two out of three qualities, and compromise on the third. Cheap, Light, Aero.
SRAM S60s can be had for around $900, and they are aero (the pre-dimpled Zipp hybrid toroidal shape), but at around 1800g they aren't weight weenie light.
Gigantex Rims with Bitex Hubs (or nicer) are cheap, could probably be built for as little as $500 (more with nicer hubs), and the tubular version will probably get you into the 1400g range, but to rival the windtunnel created wheels you will probably need to run a narrower tire and they will still perform poorly in cross winds if they are too deep.
Finally, you have something like the HED Jet 5 Express which is aero and under 1700g, but will run you $1500. The more you spend, the lighter these super wheels get. Zipp FC 404s are aero, 1355g in tubular, but will run around $2400.
If I were you, and I needed an all around wheelset, I wouldn't put a premium on aero. I would look into having a wheel built with a wider rim like the HED Belgium or the Velocity A23. The wider wheel bed may be marginally more aero, but is certainly lighter than a cheap aero wheel. Another option would be something like the SRAM S30s. I'm pretty sure the rim is just a slightly narrower Zipp 101.