...notice they say recyclABLE materials, not recyclED materials.  Seriously, how much of the general population is gonna recycle parts of their old shoes?

Still, it's better than nothin', I suppose.

Nike does have a recycle program called Reuse-A-Shoe where they do just that. From their website:

Every year, across the globe, millions of pairs of athletic shoes end up in landfills or are disposed of in some other way. That's a lot of shoes going to waste that contain valuable materials that could be re-used. So with a degree of imagination, some ingenious engineering and a persistent pursuit of the principles of sustainability, we created the Nike Reuse-a-Shoe program in 1993. Since then, we've recycled more than 20 million pairs of athletic shoes and contributed to more than 250 sport surfaces to provide access to places to play for kids as part of Let Me Play, Nike's global community investment program.

Unfortunately, City Sports is where I dropped mine off for mailing to Nike and I learned from another person that they usually just throw them away (at least that's what a City Sports employee told her).

I'm not a fan of Nike but as a person who tries to recycle what I can, it appears to be the only option out there.

...just give 'em to your friendly local kennel or animal shelter.  They always enjoy gettin' old shoes for the dogs to play with.