Gimme Shoulder:

So as not to mislead the OP, toe overlap is certainly not specific to Cervelo. It's been around since long before there were Cervelos. I have toe overlap on my 56cm CAAD3, and just barely on my 56 RS. But then I have my cleats set all the way back on the shoe (otherwise I wouldn't have TO on the RS). It simply depends on frame size, geometry, crank arm length, shoe size, and cleat position on the shoe. That said, it's just not an issue.

Yes.  My first racing bike, a 1988 Specialized in a 58cm had toe overlap.

The only time my toe ever touched was sitting on the bike ready to start out.  It never happens when you are moving except at very slow speeds - you would never really turn that quick under way.