I'm really impressed with the Dasher toe covers.  They are intended for use in autumnal weather, but I've worn them for my commute in December and January here in the Boston area.  Coupled with MTB shoes, thick socks, and chemical hand warmers, they've helped keep my feet comfortable in temperatures down to 13F.  Additionally, they really are water proof.  I've ridden in some torrential rain and my toes have come through dry.  And that means at least some part of me was dry.  There is, of course, some wicking of water onto your foot from the exposed fabric of your sock if you aren't wearing a shoe or a boot that covers the ankle.

In extremely cold weather I do find that the wind seems to find a way of chilling my feet just a bit when I'm wearing the Dasher toe covers.  Having said that, I can say that before I had them my feet would go entirely numb on very cold mornings.  Now, they just get a bit chilled.  It's been a big improvement for me.

I particularly like how you can get your shoe on and off without removing the toe covers.  If you wish to remove them, putting them back on is easy enough.

You do have to cut holes in the bottom of the toe covers for your cleats.  There are pre-scored shapes to cut for SPD or larger cleats.  I was somewhat apprehensive at having to do this, but it turned out to be simple to do without damaging the cover.

So far I've worn them for about 360 miles of winter bike commuting.  They've withstood day to day usage fairly well and seem like they are robustly constructed.  The reflective piping is kind of vestigial and I would not rely on it for visibility.  I wear ankle reflectors of both legs for night riding (in addition to a white headlight and red rear lights).  It would be great if they were made of entirely reflective material.

They are good toe covers and I'm very glad to have purchased them.