Since Hed and Zipp shares the patented shape of the rims, and both are approx 50 mm, they should be aerodynamic equal. Zipp's is a bit lighter (clincher) - much lighter (tubular).

Both are ridden by several IM Champs. (Well - normally Hed sponsed athlets ride Hed's 3-spoke wheel instead since this is faster than all other spoked wheels).

I'm very satified with my Alps wheel - no problems yet, byt have no Zipp to compare with.

I had a pair of clinchers. Very nice wheels, but the first couple of manufactured years had a problem staying true. Hed fixed the problem and they will tell you what years to watch out for. This really only apllies if you are a heavier rider. I am 152 lbs and my rear wheel was slighty out of true, but was fixable.

Hed publishes their aero data. Zipp does not. As you can read here, the Alps is a very aero wheel.

http://www.hedcycling.com/wheelchooser.htm

I have a pair (tubulars) that I bought used at a great price. So far I have used them only for racing for one season and have had no problems. I knew the person who I bought them from and I know how he rides so that made it an easier decision. I knew he never crashed on them. Like a privious post stated HED did have problems with some staying tru so I would recommend bringing them to your LBS and have them put on a tru-stand just to make sure. The seller shouldn't have a problem unless he knows somethings wrong with it. I had it done and I knew the guy, he had no problem with it. As for the wheels I like mine no problems with handling. I train on Bontrager selects and when I race I can really tell the difference I'm sure paired with a disc you will not be dissapointed.

Good Luck

Hed alps weigh 670 front and 910 rear for clincher 700 this compares to Zipps posted pair weight of 1643g. I think they are the lightest 50mm depth clinchers you can get.

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Andy Tetmeyer (I work at HED)

You might want to wait and check out HED's Speed Ace wheels when they come out... they supposedly compare with the Alps and should be even more reasonably priced

"Then there was the SpeedAce, the first, one and only Taiwan-manufactured wheel Steve Hed has ever produced. It's all-carbon, tubular only, very light, and according to the super-secret wind tunnel results that I of course blab about, the SpeedAce is uncomfortably good when compared to the Alps, a more expensive wheel for Hed to make."
http://www.slowtwitch.com/mainheadings/product2003/interbike2004.html