Ok, I tried to spare you the whole spiel, but you asked for it... here is the entirety of my knowledge/experience with running shoes.
Brands - A lot of the people I run with swear by Asics shoes, and so do I. I have tried switching to Nike, Reebok, others, but have had a better experience with Asics. I have never run in New Balance, but know of a couple of people that like them. American made and good quality. This is like the Ford/Chevy/Dodge issue, find the one that suits you and stick with it.
Heavyweights/Lightweights - They make running shoes for runners, most of which are going to be 160 lbs or less. If you are heavier, they want to sell you a shoe that is bigger and has more support. I am 6' and 215 and have never found a big boy shoe that I liked. I just buy the normal running shoe (not the lightweight racers) and train in those, and just figure on replacing them more often. You can get more mileage out of your shoes by buying a pair of inserts to replace the ones that come with them, they are probably about $30 in a sports store. (Not the $3 Dr. Scholls for boots)
You MIGHT be able to look at the heel area of your shoes and tell they are getting worn. Not the tread but how compacted/compressed the material is that cushions the landing. I've never worn the tread out before this material is creased and doesn't bounce back to the height it had before.
Stores - I can name 10 places that you could buy running shoes at cheaper than at a good running store. But you won't get the advice or the help after the fact. The store I use is staffed by runners and know that often you can't tell if a shoe is for you until you have run in them a couple of times. They have a good return policy. Some people go to this store to get advice, then buy the shoe at a discount store; I'd rather spend an extra 10 bucks and support a place that sponsors running events in the community...
There is probably more, but I'm tired of typing... :)