The real deal.
Bought a pair last fall as a replacement to an aged, worn set of Look's. Trained 'em, raced 'em in a crit and an 8-day stage race. I love 'em. Besides their being light, the bearings run silky smooth, the cleats clip in with a positive snap, lots of tension adjustment; cleats not to worn to cause play after 10 months of use (admittedly careful as I don't stroll cafe terraces in them). I just bought my second pair for my training shoes and bike. Buy 'em while you can.