the only thing that i've found that keeps my toes warm on my long commutes is slipping some chemical heat warmers in my shoes up by my toes. when i bundle up my feet real nice, my toes are good til about mile 11 or 12, but it's those last several miles where the deep freeze sets in no matter how well they're bundled up. chemical heat warmers to the rescue.
if you have a shorter commute, you may not have to resort to artificial sources of heat.