Perhaps the biggest reason is perception. Most people feel they are MTB pedals exclusively. I don't see any reason why they can't be used effectively on the road. Remember that the platforms are small so shoe selection is going to be very important. You will need a precisely fitted shoe with a good, rigid carbon fiber sole. I have used "Egg beaters" (now sold under the Look brand) and thought they were good, very good for cyclocross. For the road I prefer a little more platform.

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Tom Demerly
The Tri Shop.com

Just last weekend I saw somebody riding a road bike with eggbeaters. I ride speedplay.

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Jon Bergmann
http://jonbergmann.com

I thought perception might be part of it. Zeros and X's certainly look cooler than eggbeaters. It's puzzling though that gram counters aren't more interested in the Eggbeaters since even the standard steel Eggbeaters (which go for about $75) weigh six grams less than the Zeros. Ti to Ti, the Eggbeaters are 28g lighter.

Regarding shoe selection, I wear Sidi T1s that fit pretty snug. Are Eggbeater platforms really any smaller than Time (which the cleats, at least, sort of resemble) or the Speedplay "ice cubes"?

I use both pedals. I have Zero's on my Yaqui Carbo and Eggbeaters of my road bike (Litespeed Vortex) and MTB. I think they are both great pedals. For the money you can't beat the Eggbeaters. They are light, strong, 4 sided entry and low stack height. I've seen them for as low as $50 new on e-bay and other internet sites. They are no question THE pedal to have for MTB because it is nearly impossible to clog them with mud. I live in muddy upstate NY and I've tried. They are also great for road or tri biking. I've been using them for 2 years and have had no problems. If you like a lot of float then the Zero's would be worth the extra cash. They are also a great pedal but float isn't an issue for me and I don't notice much of a difference from the Eggbeaters. I've never used Looks so can't comment there.