I went the SPD route because I only wanted one type of clips to mess with, the Raleigh has mountain bike pedals on it to start, and mountain bike shoes ARE nice for a days ride when you think you'll actually walk around for more than 20 feet at a time. So far, I've been quite happy, and while the Tour de France is clips and straps full time (French thread), the Magneet has one pair of each pedals allotted to it, and I'm using the SPD's on any serious afternoon's travel no matter how incongrous they look with all the late 60's equipment on it.

The Rossin and Fuji (modern) are SPD full time anymore.

Having heard all the stories about mandatory falls, etc., I spent the winter breaking myself in on them by using them on the trainer - hey, if you have trouble disengaging, you can't fall over. It worked quite well, as I was faint hearted as all get out since my wrist is still healing from last summer's accident. I did go down once after I got out on the road, when a dog got under my usually excellent radar and hit me from behind and from the left - otherwise, clicking out seems to work very well and I'm almost comfortable with them.