My road bike (Jamis Xenith Pro) has it. The first bike I've ever had that did. I'd heard of toe overlap before, but didn't know what it was until test riding the bike. Freaked me out! But I've never crashed this bike, so I guess it hasn't been a problem. I only notice it on U-turns, turning after stopping at an intersection (that's the hard one - you have to pedal to start moving, so you have to be thinking about it). The extremely slow speed, pretty sharp turn stuff.

I rarely encounter it, because I live in a rural area with relatively few roads, usually light traffic, and a total of 3 stop lights that I might encounter on a normal ride (and rarely all 3 in one ride, and one I never turn at). I just don't turn from one road onto another very frequently. So when it does happen, I sure notice it!

Aside from the momentary freak-out factor, when it catches you by surprise, I don't think I'd worry about hitting the fender. I'm hitting shoe to rubber, which seems a lot more dangerous.

I haven't done a lot of loaded touring (it's on my list), but I did one short one, and I don't think I could turn that tightly with that load without toppling over anyway.

Have fun!