These shoes seem to have proper, functioning laces in addition to the elastic. Here is a sample of Cleverley's faux-laces shoes:
More pictures: http://shoe-com.hp.infoseek.co.jp/count019.htm
I wonder if the elastic is still any good (although I'm sure a decent cobbler could replace, as could Cleverley of course).
The elastic in the shoes on offer looks fine to me. Old, worn-out elastic crinkles round the edges like a cabbage leaf. It can't be easily replaced, as you cannot put the shoe under a sewing machine. You might have to wait until the entire shoe gets dismantled for a resoling.