My cyclo-commuting shoes are Etnies Jameison 2 Eco skate shoes. Kinda wish they were waterproof but I only paid about $35 or so for the pair. It doesn't rain enough here to justify the cost of waterproof shoes for platform pedals. I rode them in the rain several times last year, but they only got really waterlogged once. Stuffing them with newspaper dried them out rather quickly.

Love my Crocs but they're too wide for pedaling, I don't like wearing sandals at work, and I don't like bringing extra footwear on my commute.