I need some good quality road clipless pedals with shoes for preferably under $60.
What do you guys recommend?

Is there anything I should know about clipless pedals before I buy/use them?
And how does sizing work with the shoes?
Thanks

You want shoes AND pedals for under $60?

Yikes. Most options in the price range are pretty ****ty.

Damn, well if that's not possible then, best shoes and pedals at the lowest possible price.

$60? Hopefully you're looking at used stuff because you won't find anything new on that budget.

I picked up 2012 Keo Classics on ebay for +$65 and Exustar road shoes on Nashbar for +$45. Brand new clipless setup for +$110, not bad.

The best shoes are the ones that fit your feet. Find a brand that either has a printable sizing chart available online or is available to try on at a LBS or local big box place like Performance. It's going to be kind of a crap shoot if you buy without trying on.

I'm going to pitch for SPD-SL so, the best pedals are the Shimano R540 for $36.99 from Nashbar.

If you can find a set of shoes you think will fit from Nashbar they are having a %20 off any order over $50 sale right now.

I was able to find a SIDI sizing chart, printed it off the internet and ordered the shoes and R540s from Nashbar, ended up spending right around $110. I've been happy so far.

Least expensive: 2-bolt SPDs like M520s and shoes from ebay. My Diadora Gecko shoes were nearly new and very cheap. It helps if you know your Euro sizing. Some brands run small or large. SPDs with recessed cleats are a good option for commuting/walking.

The SPD-SL and Looks are 3-bolt. Compatible road shoes are often more expensive and less suitable for commuting or walking. However, they'll usually be 3-bolt/2-bolt compatible so you can switch to a different pedal/cleat.

Have you tried other clipless systems? I am thinking of the SPD-SL. Not that happy with SPDs anymore (or rather, my knees are a getting older). Speedplay Zeros are a bit pricey, and I can't risk putting pricey clipless pedals on a city bike. The Keos were another option, but cost more than the Shimanos.

EDIT: Oops, missed that you said 'road' for pedals. Does that apply to shoes as well?

Shimano MT22 shoes go for about $49 new right now. Sort of mountain/casual looking, but about as cheap as you'll get for decent shoes. Maybe get a pair of these, use them with whatever strap retention you have now (you do, right?), and save to get the pedals in a few weeks?

If you can double your budget, check out the Road Cycling section, and one poster posted a deal, where it came with shoes and a set of pedals for around $100-120 range, with different varieties.

IMO, standard SPD's will likely be the best option for cost effectiveness. I've bought well used but functional SPD road pedals for as little as $10 a pair on Craigslist. Shoes I usually buy new or on clearance. Best price I got was $15 for a pair of Shimano MTB shoes for my wife ata swap meet. But she has the tiny shoe size that is usually still on the shelf at the end of the year. Best I did for myself was a pair of Garneau SPD sneakers for $24 at Chainlove.com.