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SPD is recessed into the shoe so you can walk in them and generally has a bit more side to side, also the ability to clip in even when the system is full of mud b/c the SPD system has holes for the mud to come out. The SPD-SL has less side to side generally than the SPD system but this does depend on which cleat you choose to use (I personally use the blue cleat which is medium). SPD is double sided which makes getting into it easier than the SPD-SL.
I've used SPD on road, fixed and off road and its sound for all. I do now use SPD-SL for road and track because it is stiffer and better for power transfer
Miitch
Ok thanks. What is the difference then? I mean between SPD and SPD-sl? Why did Shimano have to devise new stuff for the road?