well..
on a bike if i'm wearing them, i've also got rain pants on, the over lap at the cuff keeps the water out. that, and the dynamics of rain on a bike are just different than when hiking.
i'd been wondering how that would work when hiking. my hypothesis is that rain pants would serve a similar purpose when hiking. i was also thinking that a rain kilt could keep water running far enough away, like an umbrella effect to mitigate seepage at the ankle cuff. (but i don't have and never hiked in a rain kilt, mean to try it soon).
as to wear, no part of these would (if the under-strap was modified or absent) would touch a part any part of the ground when walking. you'd have to be walking on the backs of your heels, i'd imagine. idunno, nothing's perfect.
it's the stiffness of the canvas itself that provides the shape/stability, the edge binding is a pretty minor factor compared to overall construction. (edit: brainstorm, yes the material is thick. but it's shape is mostly held by a caternary effect from the heelstrap)
my footwear rain strategy for a while has been to wear minimal enough shoes that will dry quickly. i'm plenty comfortable with wet feet in thin merino socks and lightweight trail runners (just picked up a pair of new balance mt1010v2 to this end).
they won't keep all the water out/off. but, i've found them to keep more than enough off to be worth it, with less complications than other solutions. (i don't work in offices, or even the same place every day. so i'd have to carry different shoes with me for work, and i'd still be putting wet ones back on when heading back out).
based off my experience with the "heavy" ones on a bike (more than worth it). i really believe the weight/benefit ratio would be worth it if their was a lightweight backpacking version. especially in light rain, where your feet can still get plenty wet, as that is where all the water runs down to. in a really heavy rain, yer gonna get wet somehow, i'm comfortable with just dealing with that and staying warm by moving fast enough.
they wouldn't be a water-proof solution, just tip the scales towards comfort by keeping the majority of water off your feet, seepage would occur. but, there would be more "dry" surface area for the water to spread to and be evaporated by.