I have discovered an inexpensive combination for keeping my feet warm. I did a 2 hour ride in 17 degree weather last week and my feet were toasty.

I use my regular touring shoes (which are a bit roomy) with wool hiking socks (Walmart hunting section $6) and one pair of toasty-toes insoles ($1.50 per pair - need a new pair each ride, also from the hunting section at Walmart) with my inexpensive bike nashbar booties (about $35) over top. This is good for a long ride down to about 30 F. For a long ride under 30 F, I add one handwarmer (about $1.00 per pair) on the outside of my shoes, over the toes, and under the booties. This gets me down into the teens, and comfortable for several hours. My riding buddy has $300 Lake winter shoes and my feet stay warmer than hers.

For my hands, I use the PI Anfib glove, good to about 35 degrees on their own. Under 35F, I use one chemical handwarmer inside the glove on the back of each hand. Under 25 degrees, my hands are cold for the first 7 miles, but as long as we do some climbing, they are fine after that as long as I don't take the gloves off. I unwrap a bar in advance so I don't need to deglove, otherwise, I have another 7 miles to get my hands warm again!