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Gregg, you no longer have to have equipment dating back to the mid 1960's to be collecting things "for quite a while". Recall that the Atlas/Kato RS-3 is now almost 25 years old... That makes me an antique, and you a relic! ;D
what about locomotives? It can be well nigh impossible to get replacement wheels for some locomotives.
I understand the downside is you have to be pretty good to make a reliable switch, even using the templates
Code 55 does look nice; I'm not sure code 40 is worth the additional effort.