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I have one bike with Sram X9 components and one with X7. They both offer crisp shifts and are easy to adjust. I really don't notice much difference between the two. The X9 group is a bit lighter, and if I use my imagination, the shifters may be a bit smoother.
I had a bike in the past with Shimano Deore XT which is comparable to Sram X9 components. The XT was also very smooth and functional. I prefer sram due to the 1:1 actuation and the crisp click you feel when shifting. The Shimano was more soft and vague in shifter feel in my opinion. This is just my two cents and many will tell you that they prefer Shimano.
To answer your question, I think that the X7/SLX level provides good value and reliable performance without breaking the bank. These are the middle of the line from the two manufacturers and (in my opinion) are the point where you get the best value per dollar spent. The higher spec groups don't offer any more reliability. If you are looking to save grams or really want the ultimate in plushness then go for a higher spec.
 
I think it's more about understanding what you want/need than level of component. For example, Shimano XT is generally awesome but their cup and cone hubs leave much to be desired.

To answer your question, though, SLX or X7 is the lowest I personally would go for. The SLX stuff seems to have a reputation for being kick ass in the feature/quality/performance department, and amazing in the price department. I personally go with X9 or XT level in general but I am considering some SLX brakes for one of my bikes right now (though my preference is XT if I can make myself feel better about the cost).
 
Huge difference from acera to slx. But from SLX to XTR I found no difference in performance except a slight bit of weight. So I run all SLX drivetrain. My SLX shadow rear deraileur out performs my friends regular XT. I havent changed the brakes yet but I may go with the XT simply because its what my friend has and I know it works great.
 
Depends on what you want to accomplish. If you want to win races, you'll want every advantage. If you are just tooling around on packed single track, Acera is fine. Some people like the SRAM shifters better than Shimano and vice versa. You can ride any bike on any trail. Depending on how fast you want to go will dictate the longevity of the parts.

This might help: http://forums.mtbr.com/beginners-corner/noob-buyers-guide-811009.html
 
Alivio is pretty nice. I like it better than Acera.

On my bike, I've generally chosen SLX/LX, although as long as I keep ripping them off before I wear them out, I've just been doing Deore rear derailleurs. However, I'm fully aware that what I'm getting in spending a bit more on SLX and LX is some refinement. The basic reliability and function are already there with Alivio, IME. Acera, I'm a bit less positive on. Not that this stuff can't be made to work, but I feel like it doesn't cope as well with dirt, less-than-ideal shifting technique, etc.

SRAM hooked me up when I needed some help last year, but I have to say, I still like Shimano better. I prefer the smoother shifting and there's a little tab on a Shimano rear derailleur that I think makes them function more robustly when I shift a few gears at a time.

Wheels are a tough one. I actually don't mind Shimano's cup and cone hubs, although I think almost everyone else who's doing that technology is doing it really cheaply, in a way that detracts from the longevity of the hub. But I haven't had any revelations about POE, don't tend to destroy my hubs, can rebuild a hub, etc. etc. So I seem not to benefit much from a fancier one, and with a modicum of care, Shimano hubs last a good, long time. I take back not destroying hubs - I did kill a Formula cup and cone hub that didn't have seals. It went down easy. :p My mountain bike currently has DT hubs, 370s I think. An OEM hub, anyway. They're fine.

Forks are another tough one. As far as I'm concerned, if I can't adjust the spring rate and the rebound damping for me, I'd rather have a rigid fork. That rules out a ton of OEM forks, but forks sell bikes. People also buy jacked up SUVs and drive them to work. RockShox, Marzocchi, Fox and Manitou are common brands of "real" fork in the US. There are a couple of other nice brands too, just less common. Supposedly, Suntour makes some real forks but the OEM ones are cheaper than I was willing to go last time I killed a fork - if my friend hadn't offered me his old Marzocchi at a good price, I'd probably have gone rigid. It's also good to have metal internals - for RS, that means the Motion Control damper or better - available service parts - that tends to be RS, Marz and Fox, the Manitou is supposed to have their moments - and compression dampers are pretty cool. IMHO, lockouts are a stupid solution for a problem better solved another way.

Brakes - if I can't have major-brand Hydraulics, Avid BB5s and BB7s are okay, and V-brakes didn't magically quit working when discs came out. I'm suspicious of off-brand hydraulics and I'd just as soon not have someone else's mechanical disc brakes.

What else? Retail doesn't get good until somewhere around $1200, IMO. Sometimes there are other factors at work to back one into it anyway.
 
I have SRAM X4 on the Hardrock, Deore Shadow rear der on the FSR, and Deore rer der on the Scale.

I've rode the crap out of my Hardrock and the SRAM X4 der. has held up just great. It's never even gone out of adjustment! To be honest with ders you just need to hit a good basic level of functionality for starts and change them later. They play a much smaller role in the overall picture when choosing a bike. Looking at brakes has a lot more importance.

One of the biggest areas are wheel quality and weight. One of the reasons I picked my bike was that of the bikes in that roundup Scott was careful with rotational weight and kept it to a minimum. Hub and bearing quality are imporant too. Trust me if you get big heavy crappy wheels it WILL make your bike a total drag to ride.

Forks are also very important as well.
 
Everyone always wants the best as I do myself. What component group would be good enough? Decent life, quality, reliable? I wish I could buy an XTR set but that's impossible. I ask because I've looked at a ton of bikes and I'm finally understanding the comp sets but some of these bikes are scattered between low-mid level.
Buy a bike based on how it fits and how it rides, not on what parts it has attached to it. If two bikes ride exactly the same then start thinking about which one has nicer parts. If you choose any other method of buying a bike you'll drive yourself insane researching every minute detail.

I've done a little research and the article I read said Shimano and SRAM are of the same quality. Maybe there's more value with the other?
Nope, same value at equivalent pricing.

My LBS said if anything, a good wheel set should be a little bit higher on the spec sheet over something like a cheap derailleur ripping off. He kinda made a good point, since I'm new, it'll probably break anyway.

Basically, what are the lowest specs you would look for?
Wheels are a good value but one of the first things most manufacturers skimp on so you're unlikely to find a complete bike with an unusually high quality wheel set. Same thing with shifters or a fork; items that make huge differences in performance of a bike but are incredibly expensive.

If you're going to buy a complete bike, don't spend money upgrading things until they break or they start to hold you back. If you must spend money on a new bike, here's my top things to buy:
- Pedals (no, no matter what you buy the stock pedals are not good enough. Wait, you spent $10,000? Well that's great but that bike doesn't come with pedals so my point stands)
- Saddle
- Grips
- Tires (never underestimate the power of good rubber)
- Other fit items like handlebars and stems

Other than that, wait until you break something or save up and buy a more expensive bike at the beginning.
 
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