The M530 is Shimano's least expensive offering in the mini-platform pedal category. We prefer the mini-platform models as we find them the most versatile and widely appealing. They're easier to clip into than pedals without a cage, but typically much lighter and lower profile than full platform pedals. The mini platform also provides a larger interface between pedal and shoe resulting in more stability.
This pedal was well liked by our testers. They're very user-friendly, have adjustable tension on the clipless mechanism, can be installed with either a 6mm allen wrench or a pedal wrench, and are also available for an incredibly reasonable price. By comparison, the Crankbrothers Candy 7, also a mini-platform pedal, costs twice as much and has none of the adjustability or versatile installation options. The biggest drawback with the M530 is that it is surprisingly heavy for its size. If it weighed just a bit less, we could recommend it more widely.