I dunno, I've started doing that a lot recently but to girls and guys. I think it just tells you everything about their personal style, and personal style usually reflects character. Are they scruffy and over-warn, brand new, clean, shiny, personalized, purely conventional, slacks, dm's, trainers, pumps, converse, timberlands etc. and do they match/not match their outfit. A lot of character imo come with the shoes you wear. I am into fashion though, so I know what it means for a person to wear one style or another.
i don't go for that immediately. takes a while. you can see whether a guy cares about his appearance or not. whether he's high maintenance or low. my one male friend actually had holes in his shoes and hadn't bought any new ones in slightly over a year x) then again neither did I xD but I didn't have holes in them! anyways as long as they're not gaudy or covered exclusively in mudd, you're fine really.
I think it really depends on the woman. Some women are completely into fashion, its trends and all the goes with it and so will notice a mans shoes and if he's wearing the "right"ones. Now they may claim its because it shows that he takes pride in his appearance and has high attention to detail. But really its more along the lines of checking his wallet size and if he has a penchant for the finer things in life
shoes are part of your apparence. they show to the girls that don't know you, your status in the society, your taste, if you know how to take care of yourself (if you know how to take care of yourself, you can take good care of the girl you are dating). OK so the personality is what matters the most. but honestly, I don't think that I would feel comfortable dating someone that is wearing shoes like this link or link or link please don't make me go on.
i look at a guy's shoes alot, but not at first, maybe like 10-15 min into the conversation after I've taken in his eyes,hair,height and voice. his shoes...well, I think its just a habit, I don't base anything on them.
They say the size of a guys foot is comparable to the size of the guys d*** (which is shown through the size of the shoe); this of course isn't true
Also, you can tell how much a person makes and how well they take care of their shoes. Nicer the shoe, the more they make. The better the shoe looks, the more they're likely to take better care of themselves (spit shined dress shoes probably means he/she takes really good care of himself AND makes a lot of money)