Originally Posted by Retro Grouch

3 bolt cleats vs. 2 bolt cleats

3 bolt cleats are much bigger. They are better for riding because you have a much larger surface area connecting your foot to the cleat. Off the bike - not so good. They make you walk like a duck.

2 bolt cleats are recessed into the sole of your cycling shoe. You lose a little bit of the benefit while on the bike but they allow you to walk normally.

The racer types all use 3 bolt cleats. The people who I ride with all use 2 bolt cleats.