A bad rap? Not at all.
Most of the people I know who've used them love them. The question, however, was whether the Speedplay cleats are easier to walk in and, from what I've seen and heard, and considering the replacement cost of a damaged cleat, not at all.
I personally prefer Look. I tried Speedplays briefly once and found the float a little disconcerting. I also prefer to have the release mechanism on the bike rather than on my foot.
It's preference.