I climb a lot on a compact double and find that it is fine, but it took me a while to get strong enough to tackle steep hills without super-low gearing. I agree with the advice to ride your current bike accordingly. It may be heavier, but that will make you stronger, so you'll just be faster when you get the new bike...

If it were my decision, I'd wait. I know, not too exciting, but if you feel that you can afford it now (as opposed to when tuition is due), maybe set aside the money now and wait until you find a bike that is going to last you a long time. If you're going to upgrade you might as well do it right, rather than getting a bike with a frame/components that you are going to want to upgrade again in a year or two (I think you said something about wanting to race in a year or two, right?). Also keep in mind that you can get a great deal on previous years bikes, especially as they sit around longer. I saved $700 on my bike that way, and it brought full carbon/ultegra into my aluminum/105 budget.

The other benefit to waiting is that you can take a lot of time test riding so you know *exactly* what you want.

Either way, enjoy the bike shopping!

Anne