One odometry option I've been investigating (but have yet to try implementing) is the use of multipole magnetic rings in combination with specialized Hall sensors designed to work with them. The AS5304 sensor from austriamicrosystems costs about $8.74 from DigiKey, see:
http://www.digikey.com/product-detail/en/AS5304B-ATSU/AS5304B-ATSU-ND/2334777and is designed to work with a ring magnet, like this one:
http://www.ams.com/eng/Products/Position-Sensors/Magnets/AS5000-MR20-44which can be purchased for less than $4, each. The rind is a 44 pole, plastic bonded strontium ferrite magnet with an inner diameter of 24mm, an outer diameter of 32mm and a thickness of 1.5mm, so I think it might be able to fit easily into a RC wheel rim with room to clear the drive shaft. But, as I say, this is still a research project, so I've yet to try and build anything.
The advantage of this approach is that it's light, dust and water immune and should give a extremely high accurracy since the AS5304 can generate 40 pules per pole period. However, this accuracy might be an issue, as it would generate a lot more transitions per revolution than an optical approach. But, with a hardware decoder, or a fast processor, it might be a good solution. Just wanted to throw it out as an option in case anyone else is interested.
Wayne