Jen -
I only ride road bikes, and I only wear mountain shoes. It really is up to you (and your riding style) which type of shoes you wear. I tour on my bike, and it's very important to me to have recessed cleats in case I need to walk anywhere.

My choice of shoes is out of your desired price range though - I wear Sidi Dominators. The shoes have a match in the Sidi road shoe line with the difference being not the structure of the sole, but the addition of lugs on the soles.

Good luck with your shoe shopping!

--- Denise