I love my Northwave Velvet S.B.S road shoes (3 hole). Infact, I love 'em so much...that I bought the exact pair in their MTB version for spin classes. Wide toe box, narrow heel, on-the-fly adjustable ratcheting closure system, carbon composite sole, and right around $100...everything I wanted in a road shoe. Worth a look, IMO.

I just found this pair on eBay (new in box) for $50 including shipping...GREAT price!

I use an SPD-L pedal (Shimano Ultegra R-670) with yellow cleats with my Northwaves and I have no complaints.