Agreed with all of this...but let's bring economics back into this. I do think shoes can be an investment, just not one that appreciates itself. I think Patrick brought up the point a few days ago that you aren't making it to the company oval office in a pair of square-toed Cole Haans. Thus, in the same way that investing in a wardrobe can yield unquantifiable dividends (social clout, sex appeal, appearance of intelligence), the choice to spend money on a slick pair of shoes can return more money than otherwise. Of course, this depends on whether someone in the hiring position pays attention to these things (in finance and law, people do). I think having one or two really nice pairs of shoes in the arsenal if you are in a position where it matters might actually be a good investment.
Or, in other words, money well spent.