I'm glad I'm not the only one having trouble with this concept completely. I've always understood that Vlo was gear operating speed...the speed at which you needed to bring the gear up (or the speed you were 'operating' the gear). And Vle was gear extend speed...the speed at which you could bring the gear down (or the speed you were 'extending' the gear). If you look in the manual for a Piper Arrow it says,"...bring the gear up before 125 mph, and do not extend the gear above 150 mph." So with that statement, my original thinking would be correct. And for that aircraft it would make sense. If you get above a certain airspeed (125 mph in this case) the system has a hard time retracting the gear because of the airloads placed on the gear doors. But, if you're extending the gear, the higher airspeed would actually help bring the gear down and lock it in place.
Now, get into a Beechcraft Bonanza or Baron. Vlo & Vle are the same. You can't retract, extend, or operate above the same speed, so who really cares.
Next step, a Falcon 10. Vlo 190, Vle 220. Our instructor said, "...don't move the handle above 190, don't fly with the gear down above 220."
Here's my question...what would be the point of being able to fly 220 kts with the gear down if you are not able to 'move the handle' above 190 kts? Would there ever be a situation where you would need to slow to 190, extend the gear and then speed back up to 220? (Note: the Falcon 10 does not have inside gear doors. It's similar to the Piper Arrow...so to speak).
Now with all that being said, I looked in the Dictionary of Aeronautical Terms and I found this:
Vle - landing gear extended speed - "The maximum speed at which an aircraft can be safely flown with the landing gear extended."
Vlo - landing gear operating speed - "The maximum speed at which the landing gear can be safely extended or retracted."
So, it sounds like to me the best thing to do would be to look in the aircraft manual and do as it describes.
One more thing. I was speaking with a seasoned airline pilot (23,000 hours) and he said the difference in speeds was (depending on the aircraft) because of the gear doors...or at least that was the reasoning on the planes he had flown.
Maybe some of this will shed some light on the subject.