
I. Racing Flats:
Racing flats are 33%
lighter than regular training shoes, thus
accelerating the feet and increasing turnover rate. Racing flats also
are more flexible than regular training shoes and have an outer sole
material that creates very good traction. This helps increase
stride length, thus, along with its light weight, results in better
racing times.
They can usually cut
2-4 seconds off each mile split, though, they have
less cushioning than regular training shoes, creating a greater risk of
injury.
Examples:

New Balance 150C
"Weight: 5 ounces.
Fit: Quite curved with a close fit in the heel, and an adequate toe
box.
Recommended Range: Efficient runners - up to 15K, perhaps a
half-marathon; Heavy strikers - up to 8K, perhaps 10K." (www.runningnetwork.com)

Nike Ghost Racer
"Weight: 7.9 ounces.
Fit: Good fit in the heel with roomy toe box.
Recommended Range: Efficient runners - up to a marathon or longer;
Heavy strikers - up to 25K or beyond." (www.runningnetwork.com)
II. Spikes:
There are three types of spike
plates based on the distance of the event being run. Thus, there are
sprint, mid-distance, and distance spikes.

III. Recommendation:
If you cannot run
5 miles with under 7 minute
mile splits, you should probably not wear flats because even though they may cut
2-4 seconds off each mile split (if you run them under 7 minutes), they have
less cushioning than regular training shoes, which creates a greater risk of
injury.
http://www.runningunlimited.com