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No, SPDs are much better. Their durability compared to Speedplay is off the charts. They don't need any of this care regime bullshit that Speedplay do and I can buy a whole set of SPDs for the price of one poxy cleat set for Speedplay.
I have custom drilled shoes and 2-bolt cleats don't really work unless the sole is flat enough to take them, ie. £500 custom German option and the bloke never got back to me so I use normal shoes built to take Speedplay.
SPD and SPD-SL are much better. Speedplay are a pain in the arse. I only use them because I'm a freak.