Here is my setup for a plane that will weigh about 5.5 pounds AUW.

The Battery is equivalent to this: [link=http://www.hobbycity.com/hobbycity/store/uh_viewItem.asp?idProduct=9178&Product_Name=Turnig y_4000mAh_6S_20C_Lipo_Pack]Turnigy 22.2V 20C 4000 mah[/link]
The Motor is this: [link=http://www.hobbycity.com/hobbycity/store/uh_viewItem.asp?idProduct=7871&Product_Name=TGY_Ae rodriveXp_SK_Series_42-60_500Kv_/_1475W]Turnigy SK 42-60-500[/link]
The ESC with BEC is [link=http://www.hobbycity.com/hobbycity/store/uh_viewItem.asp?idProduct=2166&Product_Name=TURNIG Y_Plush_60amp_Speed_Controller]Turnigy Plush 60A with 3A BEC[/link]
All for $130
This will make a safe 1100 Watts. I was testing it with a 12x6 APC Sport prop and it was turning 10500 RPM at 36 Amps. (about 700W) and it was cool to the touch after about 30 seconds on the stand.
Have fun and let us know what you choose.
Curtis