Compact Crankset
What do I need the switch to compact double crankset?
I have a 2006 Specialized Allez with the numb-nuts Sugino triple crankset that is crap as well as being ugly. I want to upgrade to an Ultegra or DA compact double. The bike has a long-cage 105 derailleur, 9-speed 105 shifters and a 105 front derailleur. What else do I need to change out besides the crankset (bottom bracket, derailleurs, shifters, etc.)? Remember that this bike is set up as a 9-speed. Should I just go trade it in for a new Pinarello Prince instead?
If you have the dosh go for the Prince. It will cost about 5 times as much though, but wow!
Going for the Shimano Ultegra or 105 compact Crankset(including bottom bracket) would be a much less costly option(£100 or £60). I think you could keep your front and rear mechanisms. You would need to drop the front mech down a touch to cope with the smaller diameter rings and shorten the chain a touch too.
The new chainset will work fine with 9 speed and Shimano do not use a different size front mech for compact chainsets, unlike Campagnolo.
Have you thought of keeping this bike for wet winter days and using you new Pinarello on the sunny warm summer days? 
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