I spent just under $300 and got the Specialized Road Elite shoes, and Speedplay Zeros (Cromoly), a pair of socks and the Coffeeclip covers.

Float is adjustable on the cleat for Speedplay, double sided entry. For many of the other systems, you have to change shims to get different amounts of float. Float allows you to compensate if your knees aren't perfectly straight. I was advised by a cat-3 racer that had tried many systems and had knee problems until he went back to Speedplays.

For shoes, you really need to try them. Many shoes don't work well for wide feet and make sure you're wearing cycling socks when you try them on.

I've been extremely happy with the Speedplays and the shoes are very comfortable. I would have no qualms recommending either.