Above 32 F, I am fine with just a regular pair of Shimano mountain bike shoes with two pairs of wool socks underneath. I bought them oversized to accomadate the socks. The Lake's will take me down about 12-15 more degrees.
So in essence, one could possibly be spending $200 or more to just gain a 15 degree range in temps. THat's not too great. I just got back from an hour and 45 minute ride. It was 17 when i left. I wore the Lake's and they were mostly comfortable. Temp was 20 by the time i got home. I firmly believe 20 F to be the low end of comfort for these shoes for me.
I have a great pair of winter cycling shoes. They are size 12 Wolverine hiking boots that are insulated with Thinsulate. I paid $40 for them on ebay a few years ago. I have worn them below zero many times without even a tinge of discomfort. They are always toasty warm.
It's just that i can't use them for clipless. Seems like somebody could easily design a warmer shoe, fashioned after something like my Wolverine hiking boots. I think the problem is that companys like Lake realize that nobody would buy them. They aren't "sexy" enough. They figure that most cyclists are looking for a shoe that looks and fits similar to their normal cycling foot wear. Trouble is that don't work. There winter shoes prove it.