new purchase priority? (power meter, race wheels, bike upgrade)?

Quarq.

That being said, the Quarq is in the bottom bracket.  If you switch tri bikes a year down the road and the new bike doesn't have the same type of bottom bracket you'll end up having to jump through some hoops to make your quarq work.  I knew I wanted a quarq when I was buying my new bike, and they were backlogged, but I couldn't buy the quarq until I knew what kind of bike I was getting.  My quarq barely made it in time for IMFL!

So, if you were even CONTEMPLATING a new bike, I would wait to get the quarq and get the quarq right after you get your new bike.

Bike.... if you were my size and how cheaply you will be selling me said bike for ~shipping costs.

Seriously though I am not an expert but this is what I understand

1. The wheels are a bad $ per MPH investment.  They help, but they are expensive for the gains.
2. Your aluminum vs carbon bike will probably only help if you are doing a lot of climbing - especially if the frame is fairly areo.
3. The powermeter does not, in and of itself, make you faster, but it is an awsome tool to help you make yourself faster, and keep you honest about how hard you are working.

So in your situation, I would probably go Power Meter, Bike, Wheels.  But I'd throw in some smaller items, like Aero helmet if you don't have one yet.

ETA:Sarc font

I don't have an aero helmet yet.  I know that there are studies that show that it is one of the best bangs for the buck in terms of improvement.  However, at my slower speeds (17mph over my most recent 50 mile ride), I'm not fully convinced the aero benefits would outweigh the potential overheating I would experience due to less venting.  Maybe once I'm faster...

I think the aero benefits are there at the slower speed.  I just think that staying in the right aero position for the duration is crucial to getting those benefits.

I haven't used an aero helmet yet either so I can't speak to the heat.

I have never once felt hot in my aero helmet (Rudy Project Wingspan).  It has multiple ventilation options depending on the conditions.

Hmm. I absolutely agree with the idea of smaller items. It's amazing how much money people spend on race wheels and aero frames only to wear flapping paper numbers behind them on race belts and race clothing with wrinkles.

Start with the easy stuff. For most of us it's losing weight, wearing better tuned race race apparel and keeping our bike clean.

Power meter? Very good idea- but you have to commit to using it, learning the relevance of the data and employing it optimally. It's not one and done. It's a commitment to use the data to be better. chances are that will net you the greatest benefits if you follow through. You don't just buy one and go faster though, you gotta own it.

Race wheels? Yup. You'll go faster, but more importantly for most people, you'll look cooler.

This wouldn't be complete without mentioning bike fit and position, which can net you substantial benefits if your fit is less than optimal, and most peoples' is.

Quarq.

Wheels will give you a boost in speed but its a limited increase.  Getting a powermeter will allow you to completely transform your training and if you use it correctly you will absolutely become a stronger cyclist.  It can even make you a better runner when it allows you to pace yourself correctly on the bike during a race to be able to come off and run strong. 

First off.  I don't see there being any reason to sell a perfectly good P1.  Others have mentioned aero helmets, but also consider just an aero front wheel and a cover for your rear wheel.  You'll get a similar aero benefit at 10% the cost.

"First off.  I don't see there being any reason to sell a perfectly good P1."

I wondered about this also. The P1 is a grossly under rated bike. It's likely that most of what you would buy to replace it may not be as fast, unless it's another similarly configured bike.

Yeah, the carbon will ride better and be more durable- but is it worth the cost of the upgrade?

Indeed - powertap on the back with a wheelcover.  Used aero front (or whatever you want to spend).  Good tires (Vittoria Evo Corsa or similar). Latex tubes.  Aero helmet.  A good tri suit.  Anything left over should go to getting all that gear to a kick race somewhere.

That's enough for me.  My vote is for wheels.  

x2

Best Advice by far. Quarq will cost more than all of those combined.

I have seen a post on here of a P1 with a sram s80 wheel set.  Absolutely gorgeous with the red/white/grey color scheme.  Not only that is SRAM now owns Zipp so they the S80s are of the same shape as an older model zipp wheel.  They do weigh a little more but with the color scheme and the shape of the wheels, you get the areo benefits as well as the coolness factor!!!  Ha!  Googled it...  here it is http://www.flickr.com/photos/11966268@N06/5520720705/

Its not my P1 but once I save enough $$$  I think I may pull the trigger on the Wheel set.  Unless Tom can get me one heck of a deal fom Tri sports right now hehehehehe  Just kiddin....

My one big purchase after the buying my P1 was a Computrainer.  I have owned it for about a year now but just recently started using it for training  6 weeks ago.  Why oh why did I wait so long.  Just like a power meter, when you make a purchase like that you have to commit to using it to get better.  I use mine in conjunction with Trainer Road.  I followed their BAse 1 plan that started with a 8 min FTP test.  After the test my FTP was about 154... I was so disappointed and humbled in that.  Thought for sure my FTP was around 200 watts.  Tested for the start of Base 2 and tested at 197 watts. Still not great but its a HUGE improvement.  

My point about the CT is as mentioned earlier, you can spend all the $$$ in the world on equipment and upgrades but there is nothing that will make you faster other than good ole fashion hard work.  Sure you can shave a few seconds here and there with Aero wheels and an Aero helmet.  However if you work hard and train you more than likely could beat the pants off anyone who buys all the fancy equipment but doesn't train properly.

x3

And to add, consider buying a used powertap wheel if you are unsure. That way if you don't like it, you can sell it for what you bought it for. As I've learned, powertaps hold their value very very well and are always in demand.

That's one hot looking bike, I an't gonna lie...

Agreed.

I "upgraded" my P1 to a P2c (carbon) but was smart enough to keep the P!. I had some of my faster bike splits on the P1. I don't think either bike is any faster than the other.

As far as order, I would get the powermeter first, race wheels next (because they look cool) followed by the new bike (only because I wanted another bike).

Areo helmet before the other 3

Pretty amazing how great of a bike that little P1 is, huh?  Mine is a 2011 model.  Bought it brand spankin' new in November for $1300.  I was pretty pleased with that purchase.