The insoles certainly do add trapped air volume and they do make my feet warmer. But I don't use them by themselves. I use neoprene shoe covers (the Performance ones) over the shoes. The fleece insoles just increase the range of the shoe covers.

I agree that the reviews of winter shoes are mixed. The problem is that if the shoe is warm enough for 0F to 20F, they are going to be too warm for 40 F to 50F. Alternatively if they work well for moderate temperatures, they aren't going to be warm enough for the extremes. The nice thing about shoe covers/larger shoe/fleece insoles/etc. is that the temperature range can be tailored to the conditions. For example, I rode to work this week at 0F. For my feet I wore a set of light socks, a set of heavy wool socks, my 'winter' shoe (with liner) and a set of neoprene shoe covers over that. Perfectly comfortable. On the way home, the temperature was up to around 30F so I ditched the inner sock and the heavy wool for a lighter sock with the shoe covers and lined shoe. Flexibility is key.