Also living on the shore of a Great Lake, I think that with our usual winters, a purpose-built winter cycling shoe is the way to go, specifically for the reasons you state. I just put on my Lakes and I'm out the door. No fiddle farting around with extra socks or insulated insoles or chemical warmers or booties/shoe covers. And my tootsies are toasty in the worst of a Great Lakes storm or cold snap.

I can't speak from experience about the Northwaves, but I'm totally there with the concept winter cycling boots. And I love my Lakes. Above freezing, I'll mess around with booties. But as soon as it's cold enough for my Lakes, I'm there.