Check the ribbon for any kind of cuts or damage. Also, if there isn't enough pressure on the cable, the click wheel won't respond. Make sure you flip down the tab and that the ribbon is secure. I actually snapped the tab on my nano's click wheel slot before I gave it away, but I resolved the problem by jamming a folded piece of paper in there. Isn't that a new click wheel as well? If it is, I'd say the problem lies with the connection, not the ribbon cable, unless you broke it
From what I've seen, expectation is one of the great deciders in audio and in life. What the heck do I mean by that? When your expectations are low, it's easier to be surprised. When your expectations are too high, it's easier to be disappointed. When someone sees the price tag on a Grado RA-1, they're expecting the sound to match that of similarly priced equipment. But when they finally hear it, it becomes a whole new ball game. "I prefer the Melos SHA-1s selling for the same price in the FS forums that nobody seems to want to buy." On the other hand, that's why head-fi is also in love with the Koss KSC75 and KSC35. You don't expect much from such a cheap headphone, but it delivers. I let my brother listen to it when I first got one, and he just laid on the stairs listening for something like half an hour, mesmerized by the sound, unaware of its price or its legacy. In that vein, try to keep an open mind when you're at the showdown. Give each setup the same chance you gave the last, and that way you'll get a better perspective on which is better.
Oh yeah, take pictures and send us all a postcard