I'm confused. How does the toe float independently of the heel? The shoe is rigid, and the cleat rotates around a fixed point in the cleat.

Shimano yellow cleats float more at the front of the cleat than the blues. That's where shimano cleats allow their movement. Look's allow the movement at the rear, or at least they did the last time I looked at them. But neither are at the "toe", nor is Speedplay, they all have pivot points within the area of the cleat. Speedplay is in the middle, look at the front, and shimano at the back.

The only system that doesn't have a fixed pivot is Time, as I recall, which allows the "virtual pivot point" to be almost anywhere.

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Swimming Workout of the Day:

Favourite Swim Sets:

2020 National Masters Champion - M50-54 - 50m Butterfly

still riding Look Delta, the ones before Keo.. since I've never had a problem with them, they Just Work, and cleats are still available.

I'll probably go Shimano eventually since I don't need much float, I trust Shimano engineering, and cheaper (if not buying Ultegra).
The Shimano pedals are only Look copies but as noted their engineers historically have built solid products even at the lower price points. Though nashbar has the Keo Classic 2 for $35, can't beat that price.

Just double checked, and I was incorrect. The yellow spd-sl cleats are fully floating, they allow movement at the rear and the front of the cleat, and will allow the foot to move approximately 4mm laterally.

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Swimming Workout of the Day:

Favourite Swim Sets:

2020 National Masters Champion - M50-54 - 50m Butterfly

I would say that the yellow cleats allow more than 4mm of lateral movement. I have measured it at closer to a full 10mm. And Shimano don't acknowledge that movement in their spec.

The amount may be pedal-specific. I checked on my original dura ace ones, the little walking pod thingies prevent more than 4mm side to side on that pedal body. Other versions may allow more movement, or less.

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Swimming Workout of the Day:

Favourite Swim Sets:

2020 National Masters Champion - M50-54 - 50m Butterfly

Here's an old youtube clip that demonstrates the lateral movement in the spd-sl yellow cleats.

https://www.youtube.com/watch?v=0eaZZN5pRUw