The Eggbeater 2 has a steel axle and a bushing/cartridge bearing combo to ensure a long life. Should the pedals ever need a little TLC Crank Brothers has made them very easy to service. The included cleats remain unchanged offer 6 degrees of float and either a 15 or 20 degree release angle depending on how they're set up. They are designed to fit any 2 bolt, SPD style shoe.
I have been riding eggbeaters for years (12 to be exact) and wouldn't ride anything else. They work in all conditions and never get bogged down by mud, dirt, or sand. As for quality, I just replaced my original set of eggbeaters after 11 years of riding.
I use the egg beaters mainly on my cross bike. Their weight is low, and for this application they are perfect. I'll use them on my mtb to race because they're so light, but for trail riding I prefer a platform as well. Great performing pedal.