I have been using Speedplay X pedals for about 4 years now and am a complete convert. They are the best clipless system ... with a couple of caveats.
At first, you may feel as if you are "skating on ice," as some put it. This feeling is pretty short-lived. It is actually the feeling you will soon realize is associated with the biomechanical freedom Speedplay system affords your legs.
I haven't used the "light action" pedals, but expect they are similar in every other way to the rest of the Speedplay line-up.
The main thing you will need to watch is that you don't walk around on gravel and muddy surfaces, or you'll clog the cleats and that is where the release system resides. Clog it and your pedals won't engage/release. Buy a set of Coffee Shop Caps.
Speedplays aren't particularly long wearing in my experience -- neither cleats or pedals. I put a lot of distance on mine, but my oldest pair (X-5s) are reaching the end of their useful life. There are rebuild kits, but once the main body is worn ....
Cleats are expensive and last me about 6-10 months, even though I use Coffee Shop Caps religiously. Be sure to replace them when the spring is significantly indented.
You don't need to worry about greasing them for a while, but if you notice them spinning freely, you've left it too long. I'd say wait for a couple months and see how much they've loosened up.
Enjoy your new pedals!
BTW, Capitals and punctuation were invented for good reason -- they make reading easier.
