I've been happy with SPD cleats.  This is a common format for mountain biking and shoes are a lot more comfortable.  SPD cleats are recessed into the bottom of the shoe so you can walk in them.  I'm using Shimano PDM324 pedals that are SPD on one side and open cage on the other, handy for starting up hills where you might not have time to get in cleats till you get up a little speed.  They should be $75, more or less.
 
If you're in to nothing but speed you might want to go with some other cleat type and road bike shoes.  They're a lot stiffer and will transmit a little more power to the pedals.  Many different formats are available.  I'm sure someone else will make a good suggestion.
I'm a little more of a "comfort" type guy!
Good luck finding something, both bike and pedals.  I don't know anyone who's had a Stratus XP that isn't very happy with it.  If you'd be interested in a used XP let me know.  I might know of one that's available and in perfect shape.

It somewhat depends on how you anticipate riding, whether you'll only ride with "clipped shoes" or not.  I've had the Shimano "half platform / half SPD" on mine for two years, because I occasionally work commute, and sometimes ride with street shoes.  There is minimal weight advantage from one pedal type to another.
 
Paul
(Stratus XP)

Cookie,
Concerning the Stratus XP issue, I am considering selling mine. contact me if interested in seeing/discussing.  
Charlie
817-845-0783

Hi Paul. to answer your question, let me give you the short answer - remember, this is the short answer.  
 
Since my back surgery, I have been able to enjoy my upright without back pain. Since I have seriously ridden uprights since 1969, it is a joy to be able to again do so. Secondly, I bought back and brought back my original recumbent - a Bacchetta Strada from California this summer. It currently satisfies my recumbent needs although I would love to have a V3 for the weight and longer wheelbase and may still get one. If I do or not, the Stratus XP is an extra bike. You will recall that I told you when we first met that I preferred the V2 Formula that was stolen necessitating the purchase of the XP. I have been very satisfied with it, but still prefer the higher BB. Finally, at my age I am not getting stronger - just the opposite. I am beginning to feel my age. I'm still able to ride well, but have lost the edge I have enjoyed most of my riding career. I need to be more careful about overdoing. Fortunately, I have had a long, enjoyable experience bicycling (38 years) and feel less motivated to be the strongest rider in the pack. I am a guitarist, archer, handgun shooter, motorcyclist, active in my church, father of 6, grandfather of 15, great grandfather of 2 and have plenty of enjoyment of life outside of cycling.
 
Remember, this is the short answer! - now aren't you glad you asked??
 
Thanks for you interest, Charlie

LOL, Robert. It IS nice of him to decide to let some of us keep up now.