Hi Hal,
I am a big fan of wireless and of Nady. I am always surprised when someone denigrates Nady's products based upon experiences with one line. Nady was at the forefront of wireless, especially in the old days when you got a transmitter beltpack and a radio tuner for a receiver. You would have to find white space on the FM dial and tune your transmitter to that, but I digress.
First, is the wireless just for playing in your house? Urban areas are generally more frequency dense than suburban areas because of more broadcasting sources. That means you may need a unit that is programmable (multi-frequency). Will there be other people that you are playing with and will they be wireless (if so, you need to coordinate frequencies)? Will you be touring? All of these questions will help you decide how much flexibility you need in your wireless.
Next, the question is will you be using it with Series instruments? That is a technical challenge unique to these models. There was a Japanese website that showed how to make a wireless box, but I could only look at the pictures.
In these days, I would agree with both Brian and Bill. I have heard nothing but good things about the X2 model. I have owned several Nady models (49, 101, 201, 500, 700, 950GS). Now I have the Shure U4S (predecessor to Brian's link) because of it's programmability and flexibility. But since I only play my Series bass now, I never use it!
Wireless units are constantly changing when dynamic range improves and because of digital TV taking up bandwith that was previously open. If the Nady 201 works in your situation, it will probably be the cheapest solution. The Shure is the gold standard. The X2 or X-wire is a good compromise.
Harold