I wound up taking a few different approaches to most when i asked the same question. I pucked two bikes for all weather one to cover real offroad and one to cover everything else (but keeping the summer road bike) ive already covered the inbred choice. So I needed something for the commute, I wanted something I could hit the trails on but it was mainly for the road. so I spent a surprisingly small amount of money at the time (fairly sures its been 4 or 5 years) (£399) on something most people would snigger at. It had it's issues, mainly around the way it was put together, but a good service saw it work flawlessly for a prolonged period of time and with careful parts upgrades along the way it is still in service and has done 4 or 5 winters. it isn't the best bike in the world. it isn't the lightest bike in the world. does it do everything I want of it and more? yep. it's done a far few 100 mile rides, because the weather was crap and I didn't want to take the dry weather bike out in it, it's ridden in the peaks, lakes and welsh hills and it's gotten up everything I could manage.
Parts upgrade,
Hubs, because the quando hubs were shocking, they still work, but they are now sat on a shelf for when I want to build some training wheels. (changed the spoke nipples to brass while I was doing this)
bars, just because, there was nothing wrong with what was there.
rear derailleur, all the pivots died at 2k, turns out SORA isn't what is used to be :O
saddle, because.
brakes, because I wanted to try cable over hydraulic units, this meant changing the cables to compressionless.
everything else is service parts like tyres, bar tape and brake pads.
I wouldn't part with her for the world, she's been a great bike and whilst she may not have the soul of the inbred, she is her own lady who's done me proud.