I've got the M646s and they've been great so far. The only concern I have is that they use the same axle as the DX flat pedals, one of which I snapped (the 646s are a replacement for the flats). Oh, and they're really heavy. As far as I know, there're only two SPD/flat combination pedals around anyway, both Shimano - the 545 and the 646.
The first SPD caged pedals I bought were VP 133s and I've still got them and find them fine. Only cost me £27. They are basically Shimano replicas - I'm sure they are not built to the same standard (as others tell me all the time!) but I have had no problems at all with them. Very easy to engage and get the feet out. I didn't want to splash out on Shimanos until I was sure SPD/Platform pedals were for me. I might even go for another pair when these fall apart.
Nearly right Eion. There are actually 3 models, the two you listed and the M434's which I use. These are 545's but with a plastic version of the cage. Not as durable as the 545, not as nice to look at, but much lighter.
Personally I prefer this type of pedal to spd or flat only, though I reckon if I have to get another set I'll go for the 545's as the 434's are too flimsy and the 646's too heavy.....
In my experience, caged SPDs are evil for trying to ride with non-spd shoes. No better than normal SPDs.
In fact normal SPDs are better because you can clip a plastic platform into one side, which you actually can on ride with normal shoes. Oh, and they're way lighter too.
Tried that clip in platform - utter shite. Wouldn't stay in place at all. Tried riding in non-SPD shoes with normal spd pedals - not nice, feet kept slipping. Thats why I got the 434's in the first place. And since the cage part is only a bit of plastic itself they aren't much heavier than some of the conventional spd pedals.
I have been running 646s since I got my bike, so thats about 16 months now. Great pedals, very reliable, although not the lightest in the world. Jane's been running 545s, but having recently ridden my bike when her pedal gave up the ghost (over 2 years - not a bad run), she liked mine so much she has replaced said bust pedals with 646s.
I, however, am planning to fit plain spds to my new bike. I've tried them on other bikes and don't think the cage makes that much difference. If you don't need the cage, why carry the extra weight? I;ve even used plain spds with flat pedals for "nipping down the shops". Not exactly comfortable, but more than do-able.
I kept hitting 646 DXs on the floor on offcamber sections and on corners. Usually use 858s but the 545s on my (dead) Dh rig were great - I found them a lot easier to clip into than the 646s and didn;t have the floor to bike contact issue.
That said, mine didn't last that long as the spring holding one of the plates went (still useable but a bit of an arse) and both cages now rattle and aren't attached securely on the outer side. They have had a fair bit of rough treatment I guess with some rock contact and were better for foot support than the 858s which are pissing me off at the moment (probably by worn cleats) as I keep getting stuck in them but only at really really bad times!
If it's VFM you want though, look at the 515s may be cheap (£20) but they seem just as good as my 858s if a little heavier and when they wear out you can just get a new set.