Shimano is set to release a new and improved double-sided SPD pedal called the PD-ME700 SPD trail pedal this August. effectively replacing the older PD-M530 pedal. Retailing for $65, they're the same price as the M530's when they were released.
Like the M530, the ME700 is marketed as an entry-level pedal. While they don't have an official line designation, it is interesting that Shimano decided to throw these under the GRX section of their website. The M530 is technically a Deore-line pedal released nine years ago as a mountain bike pedal good for all mountain and trail riding. Because of the popularity with gravel and the versatility of a pedal like the M530, it would seem Shimano is looking to market the ME700 in a more open way. Even the M530 proved to be more than just a MTB pedal.
I actually own a set of the M530's so I'm very curious as to what is different with the ME700. Is there enough there to consider upgrading my M530's?
Shimano says that the ME700 has a wider contact area, 7.7mm wider than the M530 to be exact. Plus, they're 1.2 mm thinner. They don't look to be lighter though; might even be just a tad heavier. Axels and bearings sound like they're about the same as the M530 so I don't see them having that much improvement in that area.
It looks like they raised the rear portion of the body which increases contact with the shoe once clipped in. The improved platform is likely the main thing that might make me consider an upgrade. The M530 is a great pedal and the ones I have are working fine...but I do have moments here and there where I wish engagement of the pedal was a bit better. Maybe the ME700 is just the improvement needed.