I have one wheelset right now...It's a basic wheelset with open pro rims, 28 spokes (14/15) front and 32 rear with a Dura Ace front hub and a Powertap Pro+ rear hub. I use them to both train and race on and have put a little over 13,000 miles on this wheelset over the past two seasons.
The information you get from races is pretty important in the grand scheme of a training program. You will generally find out that races tend to be easier than your regular group training rides...other than the surges that take place and maybe the final sprint if it ends in a sprint finish. However, the information will show you why you were dropped (or were able to stay on) and where your weaknesses are in a race instead of training rides...and how much you need to improve in those areas to become competitive.
I would love to get a second set of deep dish, tubular, carbon wheels with a Powertap rear wheel for racing...but I don't have the extra 2k sitting around to spend on them (I can get a team deal on a set if I can ever get the 2k). However, my current wheelset does great for all intents and purposes from road races to crits...I however don't use one in TT's since I run a rear disc and don't have 3.5k sitting around to purchase a powertap rear wheel or an SRM/Quark crank.