I've tried every pedal (well not every pedal, but have spent a LOT of time on Look, Time, and Shimano pedals). I currently ride Speedplay.

1.)yes, absolutely IME. I never look down when I clip in anymore.
2.)About the same. I prefer Zero cleats to Light Action cleats myself (Light Action pedals and Zero pedals appear to be same pedal - only the cleats are different)
3.)Not really more fragile - cleats can be a little bit of a pain to set up initially.