sphen138 said:the metal bars that run across the top and bottom of the cleat sort of grab hold of the notches in the front and back of the pedal. the pedal is completely encompassed by the cleat.
The "metal bars" are actually the top and bottom of a metal circle that's open at one side. It works something like a retaining ring that's inserted in a groove at the end of an axle to keep a wheel from falling off (like on a lawn mower or on a child's wagon). The closed side of the ring has a small "stop" that is about 3-4mm long. Two set screws, one on each side of the stop, let you set how many degrees the ring can rotate, either clockwise or counterclockwise. That translates into degrees of rotation of your heel in or out. Set both set screws tight against the stop, and the ring won't rotate at all - zero float. Open them wide for max float. Or you can move one set screw in and the other out and set zero float at a specific angle, or set a range of float within two specific angles.
The way I've described it sounds much more exact than it really is. I set my speedplays to zero float at 0 degrees, but found the exact angle that I was comfortable with by trial and error - moving the set screws a half turn each time, riding a bit, another half turn, riding some more, etc.
Speedplays require a dry lub (like graphite powder) on the cleat. I keep a bottle handy next to my helmet and gloves in the garage. I try to do it once a week (I try to get in about 100+ miles a week). You also have to grease the pedal axle itself, via a port at the end of the pedal. But I think the recommendation is every 5,000 miles or something like that.
I love them (Speedplays) - double-sided makes it easy and no-look, and the minimum clearance is great when cornering. I do get a hotspot once in a while, but it's only on one foot, and I think that's more because of the way I tend to pedal with that foot. (One foot turns in slightly more than the other - and Speedplays let me compensate for that.)