Hey Kev,
This time last year I questioned the exact same thing: buy a Powertap or a set of "race" wheels. With a limited budget, it was one or the other. I decided to buy the Powertap and I have no regrets. It has helped enormously in improving my fitness and preparing me for another season of racing. I'm on a budget so I built up an Elite + on a Mavic Open Pro. The wheel is far from light; but for me, the wheel's purpose is for training, and you can't go wrong with training on heavy equipment. Train hard with power and everything will feel light.
With that said, the best choice for you depends on what you want to accomplish. Training with power takes a lot of focus, and in many ways, it runs counter to a lot of group social riding. I use mine for a lot of interval training and 20 min hard efforts. You monitor your wattage closely and you're not exactly enjoying the scenery. What makes power fun and interesting is tracking your progress and moving toward a fitness goal. Without that, it's nothing more than a set of numbers that at the end of the day mean nothing.A set of 303s; however, would be instant gratification.
If I didn't race, I probably wouldn't have a powertap. But that's just me. With a goal in mind, help from a knowledgeable person, and some sort of training "plan," power is a great tool.
Anyway, that's my 2 cents.
Morgan