What to upgrade first on 2009 Trek 1.7?

I bought a Trek 1.7 on the cycle to work scheme last year, and very happy with it too 
What would be the first thing worth upgrading on the bike, and why?
I assume the biggest gain would come from a new set of wheels - is this true?
If so, what would you suggest as a replacement wheel set?
I was thinking of Fulcrum Racing 3 Clincher wheel set - but that would be at the very top end of my budget and perhaps they are too good for the rest of the bike?
Would Fulcrum Racing Clincher 5's be a noticeable upgrade on the factory standard Bontrager wheel set?
All advice much appreciated.

What would be the first thing worth upgrading on the bike, and why?
I assume the biggest gain would come from a new set of wheels - is this true?
If so, what would you suggest as a replacement wheel set?
I was thinking of Fulcrum Racing 3 Clincher wheel set - but that would be at the very top end of my budget and perhaps they are too good for the rest of the bike?
Would Fulcrum Racing Clincher 5's be a noticeable upgrade on the factory standard Bontrager wheel set?
All advice much appreciated.
Road: Trek 1.7
Off-road : Santa Cruz Blur XC
Commute: Dawes Edge One SS
Off-road : Santa Cruz Blur XC
Commute: Dawes Edge One SS
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Wheel decision depends on thickness of wallet and future cycling plans.
Little point really spending Dura ace money unless you plan to take them to your next bike, anything over RS80 or Fulcrum 3 would be overkill, anything less and you may or may not feel your expenditure was justified unless you can hang on to the placebo effect for some time?
Have you tried different tyres, for £50-60 you will notice a difference in performance over the standard Bontrager fitment.
The wheels are poor and i swapped them for a set of Mavic Elites which are a lot lighter and pretty robust but others to consider would be shimano RS80 or the fulcrum 3s, look at the wheels as an investment, when/if you change your bike you can keep the wheels for your nxt bike.
The groupset is sound for the bike(105), the only other items that are worth the upgrade are the saddle and seatpost but i swapped the bars and stem because i wanted a set that i find comfortable.
My thinking is to upgrade a few things, like wheels and possibly seatpost, seat and possibly handlebars too, and then save for a carbon frame on to which I'll then transfer all the components, and then potentially upgrade those, including the groupset as and when funds allow.
Been looking into new tyres also, thanks for the heads up that a decent set would be a worthwhile investment.
I know it's an age old question, and comes down to personal preference a lot of the time, but what contenders would be worthwhile tyre upgrades?
Bozman - which Mavic Elites did you go with - Cosmic or Ksyrium?
Off-road : Santa Cruz Blur XC
Commute: Dawes Edge One SS
I'd thought tyres, wheels and brakes (unbranded on mine) were the only things to look at.
What's wrong with the saddle and seatpost?
From looking at wheels I was assuming that £130 Planet X model Bs would be a sensible buy. You're looking at £200 or £400. I've no idea how good the bontrager 'approved' (i.e. unbranded) wheels are but do you need to spend that much to get a worthwhile upgrade? If you're keeping them for the next bike then obviously it doesn't matter if they're 'too good' for the Trek frame etc.
The various tyre threads seem to be settling on Continental the GP3000S with Michelin Pro 3, Vittoria Open Corsa EVO CX and Shwalbe Ultremo R1s somewhere behind but with their supporters.
2004 Marin Muirwoods Hybrid
I cycle only for pleasure and want the fastest, grippiest tyres that are puncture resistant...A tall order!
Now and on my previous Trek 1.9 I ran Conti 4000S, you cannot quite have all of the criteria I mentioned above, I use Mich pro3 in the summer, they ride well in terms of roll and feel, but personally find them less robust than the Contis, hence my default year round choice.
The above work well for me from my experience so far, tyres seem to be quite a personal choice, there will no doubt be several posts explaining why such reccomendations are so wrong...each to their own, etc...
A bit different I think, the 1.7 is a bit higher spec, here's the full standard spec...
http://www.evanscycles.com/products/trek/17-compact-2009-road-bike-ec016477
The brakes and groupset are all 105 so perfectly good for me right now.
Nothing wrong with the saddle and seat post so much, thought the seatpost was alu but only recently noticed it was carbon :oops: These are just things I may upgrade for comfort/lightness after I've ridden it a lot more.
I do like the look of the RC80 wheels.......and a set can be picked up new from ebay for £349 which seems ok. Add some good tyres and that sounds like a worthwhile upgrade.
Off-road : Santa Cruz Blur XC
Commute: Dawes Edge One SS
2004 Marin Muirwoods Hybrid
Somebody mentioned upgrading the brakes.. the brakes on my 1.7 were shimano 105(more than good enough), it had a full 105 groupset and the previous years model had some ultegra , they've gradually lowered the spec.
I have my fav model of saddle so it was swapped for that and the seatpost went for a white ritchey wcs alloy, which looked good with the frame, that was all down to personal choice.
I'd recommend Halo Mercurys at around £230pr. Aero, sub 1600g + stiffer & longer lasting bearings than the Xeros or Prolites I've used. They've been great on my bike:
http://www.bikeradar.com/gear/category/ ... heels-8973
Rubino Pro 3 or similar lightish folding tyres would be good.
Boardman CX Team
Trek 8000
Sirrus framed 'special'
Prev: Avanti Corsa, Routens, MBK TT, homemade TT bike, Trek 990, Vitus 979 x 2, Peugeot Roubaix & er..Raleigh Arena!
You seem to have the right idea on upgrading, do what you can with that frame and move on, i've done that over time and i've got a couple of cracking bikes now.
Oooh, that is a good price, and I'v just been paid 8)
Luckily they are out of stock right now, gives me a bit more time to consider my options.
I guess it would be 4 contenders...
RS80
Halo's
Fulcrum 3's
Mavic Kysrium Elites
Need a stroking chin smiley
The RS80's do look nice though 8)
Off-road : Santa Cruz Blur XC
Commute: Dawes Edge One SS