oopfoo

I'd have my cleat alignment checked. I'd also check to make sure that the cleat bolts and the shoe's threads haven't slipped and are causing the sole to rise.

Another thing to consider is the stiffness of the sole. If you're heavy enough, there might be some flex in your sole that is creating a hot spot. Try a stiffer sole and see what you think.

Personally, I've always been a Time fan. I rode Time exclusively in the late 80's and still ride their pedals. Their shoes are excellent, perfect for a narrow foot like mine, and unfortunately, extremely expensive. I've recently switched to the Specialized BG stuff. I am riding the 05 BG Pro Carbon right now ($220, MSRP) on Time RXS Carbon pedals. I love the Specialized shoes even more than the Time shoes, right now, though I haven't tried the latest models. Mine have the two straps and the binding ratchet, and seem to really snug-up well on my foot. They're light and comfortable, and I've had no problems yet with them.

Although I know most people cringe at the thought of buying such expensive shoes, I really think you get what you pay for up to a point. Just like an office chair, something you spend so much time in intimate contact with should NOT be purchased with a mind to cutting corners.

My two cents.