For shoes, buy what fits you. Specialized, Shimano, Sidi, Giro all make good shoes.

For pedals, Shimano, Look and Speedplay are the three main options, and all are solid. I'm a Speedplay guy because I like the double sided entry. If you go Speedplay, buy ones with walkable cleats.

If budget is your concern, look at Shimano shoes and pedals.