I have been a fan of the Shimano model that allows recessed cleats, since I started riding in '97. Multiple pairs over the years have gotten me successfully through multi-day and week-long rides across Alaska, Montana, and from Seattle to San Francisco, along with 1-day dbl centuries and the requisite training rides. In other words, thousands of miles of foot-happy riding!
They're great in that I am comfortable walking when off-bike at rest stops and throughout the day. I usually joke that I like to be able to walk comfortably into the bakery as well as the bar!
The soles have some traction, in that they aren't hard/slippery, so I'm not nervous about slipping or torgueing my knee when walking downhill even on short grades. They're super comfortable with 3 velcro straps and accommodate a wider foot too.
Even though it takes some digging to find the current/updated model, my LBS is always able to order it for me. Also, I use Frogs and the cleats have always been easy to install too.
Just my $.02!

http://bike.shimano.com/Footwear_Ped...number=SH-T092