Well, I finally did it. After much extensive research and waffling I finally bought a power-tap! This thing is amazing and I don't know why I didn't get it before (ok, I know why -- they are expensive!). Rob at Kisslers built me a new wheel using the Powertap hub and it rocks! My first ride with the Powertap system was a hill interval workout - how fitting! Having the power right in front of you makes you push harder and realize where your weaknesses are.
Fraser took it out for a spin a few nights later and also did hill intervals ... he said I wasn't allowed to lend it to him anymore - he'd gone too hard (max watts of 1458!!!!). It is an awesome tool!
The software the comes with it is pretty cool too as you can see everything; including your average power for various time intervals (5 sec, 10 sec, 30 sec, 1 min, 5 min, 20 min, etc ...). It's a great way to gauge fitness. It also measures cadence -- I did not get the special cadence tool that comes with it but it tries to gauge cadence anyway and is almost bang on (I haven't removed my cateye computer yet). Amazing.
