I've been doing the socks-at-night thing for years - I use vaseline, though, instead of lotion. It's a super cheap way to moisturize the feet - overall, it really makes the callous regions less noticeable, since they won't be as dry and crackly, but you will still develop them (if they are necessary). The socks help keep the moisturizer on the skin, instead of smearing all over your bedsheets; plus, the socks keep the feet alittle warm, which helps with the absorption.
I'm a competitive road cyclist, so I have callouses all over my feet (biggest mistake ever was to get a pedicure and have them buffed down...literally ruined the first part of the season, since my feet were constantly burning until the callous protection grew back). Since I like to wear sandals and flip-flops, I've learned that even calloused but really well moisturized feet don't look so bad. I think the issue is some people have dry, crackly, calloused feet (esp. the heel) which is really noticeable.
Expensive greasy skin creams aren't necessary - cheap ol' slathered on drug store Vaseline will do the trick; feed store udder creams (for milking cows) also work well and are super cheap.