Thoughts: The 150mm rear hub "might" let you build a non-offset rear wheel and are more common than a 165mm rear hub. DeSalvo does great work but I am guessing this frame would take a year to get and cost about the same as two fully-built Pugsleys. Still, I am drooling.
Wildfire Designs FatBike
Thoughts: Very well made frame & fork...but is it worth 2X more than a Pugsley? I like supporting the small builder, it was the lightest available at this time last year, and I definitely wanted vertical dropouts so it was a clear choice for me.
Surly was the first company to mass produce a snow bike, rims & tires. Without their gamble on this obscure niche we would still be welding rims together.
Thoughts: You can build a damn nice Pugsley for $2K and have an awesome snow bike. And now they come in grey. You could also run a White Brothers carbon fork with 100mm spacing and save 2 lbs! I am just not a fan of the horizontal dropouts.
Vicious Cycles Thunderwing
Thoughts: Vicious Cycles was blazing trails and built the Thunderwing before the Pugs came out. Nice!
The bottom line is that ther are way more options for a quality snow bike than there were two years ago. However, I am not sure my "perfect" snow bike is in this group. Here are the pieces to my perfect snow bike:
1) Ti frame
2) 73mm bottom bracket because my knees do feel the affects of the 100mm bottom bracket
3) 150mm rear hub spacing so I can build a non-offset rear wheel
4) Non-offset chainstays
My perfect snow bike frame would be light, have a normal Q-factor, and would allow me to run three chainrings in the front and 6 or 7 cogs in the back. That is plenty in the winter. In the summer it would double as a sweet 29" hardtail without having to build a funky, offset 29" rear wheel like I did for my FatBike.
Edit 10-28-07: My comment above about the 165mm rear hub being a "boat anchor" was based on my impression that it was a downhill hub and therefore must be really heavy. Greg from Speedway Cycles posted some great comments including the actual hub weights. The 165mm Hadley and DT Swiss hubs are both lighter than the XT "boat anchors" I am currently running. Ha! Thanks for straightening me out Greg!