I have 2 friends with the same size/wt foamy plane but the Extra version and I have one on order.
They are using the following setup and seldom use but never NEED more than about 1/2 throttle.
Himax 4100 Brushless Motor
GWS6.6:1 gearbox w/adaptor plate
Castle Creations Phoenix 25 speed controller
3cell (3S1P) 1200mah LiPo battery pack.


You can get everything you need at www.allerc.com and several other places.

Both are really satisfied with this setup and I am really excited about getting mine in the air.

Mike

PS Be sure to readup on LiPo battery packs they are safe and eficient but very different from NiCad and NiMH batteries. Really need to be extra sure to get the right battery charger.