For the last year I've been using Shimano SH-MA80's (with Crank Bros Quattro pedals) which have recessed cleats and 3 velcro straps. I've found them to be very comfortable, even when walking for short distances. I did a 3 day, 200 mile tour last summer and never got any hot spots over the cleat area, had decent ventilation, support, and flexibility. I did have to modify the sole slightly to accomodate the Quattro pedal axle but this was no big deal. Overall I would highly recommend them.
Regards,
Carl