Phil Wood has new Carbonite bearings in the bearing cartridges, and they spin like nobody's business. I saw a external bb spin like crazy. And then, I took a track hub, held the ends of the axle, dragged the edges of the flanges on the display table about 8 inches (the way you used to rev a Matchbox car when you were little), and that hub didn't stop spinning for 10-t0-15 seconds with no extra help from me.
The steel ball bearings in the cartridges in Phil Wood's hubs and bottom brackets are high quality, as we all know. But Phil has filled the microscopic pits in the steel bearings with a "secret ingredient". Watch the video 1 from Interbike in Vegas 2008.