I don't mind damp shoes, they'll get that way just on a hot ride and damp dries well enough at my office. It's when the shoes squirt out water with every pedal push and are still soaking wet at the end of the day that I don't like.

I bought some cheap shoe covers and learned that they aren't waterproof at all although they did delay the onset of soaking wet feet. I bought some Kiwi silicon spray just the other day and have applied 2 treatments to my shoe covers, with a third to go on soon. I am hoping that this will work and will let others know. It is supposed to rain on the way home tonight so it'll be a good test.

To prevent water from running down the legs into the shoe covers, I will use a velcro reflective leg/pants band and cinch it tight around the top of the shoe cover. Again, when I've had a chance to test this, I'll let people know.