I'd like to chime in as well.
For the 1st 1000 miles (after laying off cycling for about 25 years) I used my old Avocet shoes designed for toe-clips (or cages). I promised myself, if I'd stick to riding and ride 1000 miles I'd treat myself to new pedals and shoes that are up to date. I settled on Speedplay x/1 ti pedals and SIDI shoes.
I've only put about 260 miles on the new pedals and shoes and love 'em! Yes there is float. Like someone said, it almost feels like your standing on ice; very comfortable really.
Hot spots w/Speedplays? Personally I think its all in the mind. If you look at how the Speedplay's actually attach to the cleat its OBVIOUS the pressure is distributed over the entire cleat + with the super hard plastic or carbon sole of the SIDI its distributed even further. Like I say, I think people look at the pedal and imagine it'll create a hot spot but from a mechanical engineering perspective it really doesn't.
The float is nice but in watching the Tour De France this year I often focused in on the rider's form, specifically where they keep their knees when pumping hard. Everytime I watched it looked like they were pumping as straight up and down as possible. With that in mind I now try to concentrate on keeping my knees going up and down rather than splayed out. Its not easy to always remember and do because the Speedlay has a good deal of float but I figure in time it'll become a good habit.
Guess what I'm trying to say is, if you are concerned about your knees and need float then Speedplay would likely be a good choice. I'm sure there are others as well, I just don't have experience with them.
Welcome to the Alumni Cyclist Club! Enjoy your rides!
..rickko..