I say buy wedges. Yeah, you heard me right. You can thank that meddling USGA. I've concluded that their sole guiding principle is to make golf more difficult and less enjoyable for the "bad" of the game. Their latest impediment to the much-needed growth of the game is a new ruling on club grooves. In effect, the beloved U-grooves/square-grooves that let us back up the ball on the green like a tour pro will soon go the way of the dodo bird. As of January 2011, "Manufacturers can no longer manufacture products with the pre-2010 grooves and can no longer ship products with the pre-2010 grooves. Retailers can continue to sell clubs shipped to them before this date as conforming clubs indefinitely." As the laws of supply and demand dictate, this sudden reduction in supply with a steady demand will result in a rise in price. Cleveland Golf has even launched a dedicated website, Year of the Wedge, to recognize (and capitalize on) this unique situation.
Keep in mind that wedge grooves become ineffective much faster than any other club. I've read recommendations to replace wedges every 15-20 rounds! So even if you don't plan on selling a pre-January 2011 wedge for a future profit, you should stock up on them to last you before they may become outlawed altogether by January 2024.
I've already made my investment. I bought a TaylorMade TP wedge with xFT. The cool feature of this model is the exchangeable faces. Once the grooves wear out you can simply replace the face with a fresh set of grooves. It is both economical and eco-friendly. I bought 3 replacement Z-groove faces for the cost of one wedge. I'm expecting a solid return on this investment in some form!