I have found that my winter Camelback set up is fine in most conditions to about 20 degrees or so... Anything lower and it gets comprimised, mainly the hose freezes and then your screwed, it happened to me. The solution that worked to fix it was to run the hose through a pit zip so it was close to my body and heat, and when I drank from it, I had the end of the hose through the front of my shell, and made sure I did the blow back technique to clear the hose from the majority of fluid.
The last winter hike I went on I used the bottle/cozy set up instead of the bladder system, like Chip and Tom mentioned. It was the system that I used to use before getting the winter Camelback system, and honestly it works very very well. Sometimes the low tech solution is the best.
Which works the best? In very cold weather, I am going to stick to the bottle/cozy set up. If I am going to be in weather that never really dips below 30degrees, I'll use the winter bladder set up.
Even if you use the bladder, I would make sure you have a spare Nalgene/soda bottle handy. I wish I had done that on Greylock a few weeks back, I was worried that if I did not thaw out the hose, I would have been screwed. I may have to think about picking up a collapsable Nalgene container for something like that... rolled up it weighs very little and takes up little space.
Also the tip of starting with hot water/drinks in whatever you use; bladder or bottle, is a smart thing to do. When your beat and cold, a warm drink can go a long way to boast your morale. I used to carry a thermos as well, when ducking behind a boulder in heavy winds and taking out that themos, enjoying some hot chocolate or tea with milk and sugar, you don't seem to mind the wind then.
Catch you later...
Kevin