Update 2/1/2013

I just returned from a week long winter photo workshop in Yellowstone. Temps mostly in the 0 to 15 degrees. Lots of snow. This boot failed miserably in the insulation department - there is none in the toe area.

First day I just wore two pair of wool socks. Thought my toes were going to freeze off. Pretty miserable day.
Second day I wore two pair of wool socks and used a chem toe warmer on the bottom. A little better.
Third day and the rest of the week I wore two pair of socks and chem warmers on top and bottom of my toes. Ok.

If you are going to be in the cold/snow regularly then I would keep looking. Or else live with chem toe warmers - which work quite well but are a pain to set up each morning. Several of the other group members had Sorel brand boots and they were comfortable all the  time.

Also, there is a question about waterproofing. Water will be absorbed by the leather but I never noticed my socks being wet.

Boot was comfortable - no complaints there. The tread did a good job in the snow and ice.