Have you seen/tried Bloch's foldable flats? I'm completely obsessed with them! They're really well-made, they fold up to a really compact size (into an included pouch) and they basically look exactly like ballet shoes--which makes sense, since Bloch is primarily known for making dance shoes. They don't have "toe cleavage," at least not on me, but I think they look very chic and flattering on the foot--they don't come up too far, and the leather--while durable--is soft and molds to your foot. They have a very slender and streamlined look, if that makes sense--they don't add bulk to the foot, and don't stick out in any weird places. The other awesome thing is that they're really discounted on amazon right now (I've bought like 7 pairs--haha)! They come in regular leather as well as suede, and I really like both. I was a little worried at first that the leather in between split-sloe would get nasty on the suede ones, but so far it's held up completely fine (over the course of a few months of wearing them all over NYC). The one thing to note is that they're on the smaller side, so if you're between sizes or unsure, I'd say go up at least a half size. I'm between a 7.5 and an 8 in most shoes, and the 38s were good on me. They also loosen up and mold to your foot after a couple of wears, so they'll seem a bit tighter at first than they will be over time (there also aren't any sharp or stiff bits to hurt your foot during the break-in process, which is nice).
Here they are on amazon if you want to check them out:
Bloch Amelie (regular leather)
Bloch Alina (suede)