A 120 V Speed oven isn't going to give you a whole lot of speed! If you have limitations that require you not install a 240 V, it might be the way to go if you really think you want both a speed oven and a microwave. A speed oven is a combination of a convection only oven (though some now also have limited broiler elements) and a microwave. What makes it "speed" is that it combines microwaves with the conventional (convection) cooking (i.e., hot air). Advantium also includes halogen heat in speed mode, which is an intense radiant heat for direct browning.

There are steam microwaves, but most steam ovens are convection ovens (meaning hot air cooking only, but, again, some now have broilers as well), with steam environments. Some only have steam on and off, while others have several steam percentage settings. Some require you to fill a water tank and others are plumbed in like a sink with a water inlet and drain. Steam creates the kind of moist environment that you put pans of water or wine into your regular oven to create. It's very good for reheating leftovers, blanching or steaming vegetables, steaming tamales, dim sum, etc., steam poaching fish and chicken, steaming hard "boiled" eggs, etc. Because of limited cookspace in many European apartments, there are also lots of recipes for things like making rice in a steam oven, but that's for freeing burner space--it works fine but it's awkward. Anything you can make in a steam oven you can make just as well through conventional steaming or by putting the water in a regular oven. The steam oven just makes it easier. They're also generally smaller so people like to use them for small items. Because of the steam environment, you don't need as much surrounding space so there are a lot of large things you can make in a small steam oven.

Unless you specifically want the speed settings of a speed oven, or you've decided that the model you're looking at is the best replacement for the conv./MW you currently use and you don't mind underutilizing it, there's no point in getting a speed oven. Steam ovens are nice to have, but not essential.

If you're looking for something that will work as a small convection oven like your conv./MW (ignoring the MW part for the moment), then either a speed oven or a steam oven would do that. Since you'll already have a microwave, if you're looking for an additional function to go with the small oven, I'd choose steam.

Thanks pillog. My current MW/Conv is 120V. It will go away with the kitchen redesign so I really could do something else. I was just trying to figure out my best options without adding too many appliances (or breaking the bank :-). I could get the wiring and put in a steam/convection combo then have a basic MW or an inexpensive MW/convection countertop model in the pantry. Do you think that would be better? If I bump it to a 240 unit would you still say steam over speed given that I will have a separate MW? I currently use my 120V MW/Convection quite often so I want to have something that will fill that need but with more modern capabilities.

The question is what do you use the current MW/Convection for, and what do you want to use it for in the future? If it's mostly for microwaving, then an inexpensive countertop model, either in a cubby in a cabinet or in the pantry (if that's convenient) would do you fine, and you could put the savings into a steam oven. You could get the microwave drawer you had spec'd and a small oven that's just an oven to take the place of the convection part of your current MW/conv. Or you could decide that you don't mind using the microwave function of a multifunction oven every day, even though it'll wear out faster (over many years), and just get a built-in MW/conv. or speed oven.

If you aren't just pining to steam stuff, don't bother paying for a steam oven. They're delightful, but unnecessary, and expensive. If you really want the microwave drawer (a lot of people love them), but really also want a secondary oven, and can afford both the drawer and a steam oven, go for it. If you really want the steam oven, you're all set and can just get the cheap microwave.

If you want speed, get the speed oven. Read up on it and try to figure how it fits your life. I thought I was really going to want/need the speed features of mine, but what I cook and how has changed a lot with my very well equipped newer kitchen. If you get a speed oven, you don't need another microwave unless you're just trying to save the magnetron. I use my speed oven for microwaving daily. I know it's cutting into its life, but I don't care. When I need the speed, its there and I use it. I use it for an extra oven when the other two are full, and in lieu of a toaster oven for heating small things, because it's more convenient. For actual cooking, I use my steam oven (Gaggenau fully plumbed with adjustable steam) more than anything else. I use my full sized oven for bigger things, broiling, baking, etc.