It seems like overkill to put studs on in the winter, but studs have given me more cycling options.
You can always take the main drags, but riding through waves of slushy-salty snow, and dodging the cars that seem to think the roads are bare and dry, is not really my idea of cycle-fun.
So what are the options? Taking the sidewalks? That's even more fun when they are narrowed by snow piles. Bike lanes? That's where the plows push the snow. The spaghetti-like routes of the suburban sideroads will get you there someday and will avoid the traffic, but the checkerboard of hard-pack snow and sheets of ice on poorly serviced sideroads is dodgy riding for the best of treads.
My answer for all conditions is studs. If I'm forced to suddenly go from plowed pavement to snowy margins (cause some motorist was making it tight for me), I feel as if I have sufficient control. On those night trips home, where the roadway is so poorly illuminated that I'm never sure what I'm about to hit, I breathe easier.
Yes, the good studded rubber is expensive. I buy cheap (who would have thought?) and don't put them on until I absolutely have to, and take them off once it is pretty likely I can avoid the last few snow days. May the tread be with you.

I buy the good ones, and put them on early and take them off once the risk of ice in the spring is largely gone. The advantage of the good ones is they last longer, don't throw as many studs (this year I am running Schwalbe Ice Spikers and have about 700-800km on them without losing a single stud), and grip better. I won't ride winter without studded tires. They are a wonderful thing and have saved me from several crashes. Yes, they cost more than conventional tires, but I always ask the following question: what is a kneecap worth?
Posted by: chris | January 01, 2013 at 01:24 PM
I too use studded tires, in my case the Schwalbe Winter Marathon with a dense pattern of small tungsten-carbide studs. The tires last well, don't throw studs, and the studs seem to wear quite slowly even when pavement is bare for much of the winter. They do work incredibly well, especially on wet ice. However, as I learned the hard way a couple of times, I can corner on wet ice reliably, I can stop on wet ice reliably and yet, once coming to a stop, putting down a foot on wet ice reliably is a bit hit'n'miss!
Posted by: Alan M | January 03, 2013 at 11:50 AM
Bill
where do you buy cheap ?? what brand ??
Posted by: Joe Arruda | January 03, 2013 at 04:30 PM
I'm disappointed that the cities didn't do a better job of plowing the Iron Horse. When I went back to work (Jan. 2) the path was terrible...
When will winter riding be given the respect that cars receive?
Posted by: Julie | January 03, 2013 at 05:28 PM
@Julie I am also disappointed at the work done on the bike lane routes. How much more trouble is it to make another pass with the plow and push that snow up onto the boulevard? I notice that areas where cars are parked seem to be plowed to the curb, but bike lanes, not so much...
Posted by: Bill | January 03, 2013 at 09:37 PM
I am running two bikes this winter. The first is a city bike with non-studded Continental Winter Contact tires. These tires stick well in the cold and have a tight tread pattern but offer considerably less rolling resistance than studs. When it gets really vile my old mountain bike comes out with the Continental Ice Claw 120 studded tires.
Posted by: Rob (Mk.II) | January 04, 2013 at 10:03 PM
This is my first year ever riding with studs (28 years of winter riding), as finding them for 20" tyres is a bit of a challenge. Was kinda surprised at the sound. It sounds like tape being peeled back when I’m on clean pavement. And I too went with the Schwalbe winter marathon. Am really considering going the fat bike route however, as small tyres just don’t seem to work that well in winter; too twitchy. Might have to save the Schwalbes for the trike.
Posted by: gingerbeard | January 07, 2013 at 09:36 AM
http://jnyyz.wordpress.com/2010/03/20/spring-has-sprung/
Another vote for Schwalbe Winter Marathons. I've ridden on them for four winters of bike commuting, and I haven't lost a stud. Their rolling resistance is also less than the tires with more aggressive tread.
Posted by: jnyyz | January 19, 2013 at 02:25 PM