Speedplay has some shoe info on their website. From what I recall it wasn't terribly up-to-date, but might be worth a look. Everybody I know who has Speedplay pedals is using them with 3-bolt shoes.
Originally Posted by CraigB
Cat 5 field stuffer
In my short, 6 month 2200 mile, adult cycling career Speedplay is all I've used. I seem to clip in about the same as the other folks on group rides. They have never false released and I find they release on command quickly. My shoes are Bontrager's and are the 3 screw type. From what I've read, I went through the same learning curve everybody goes through.