How effective can/are chatterbaits be in cold water situations?

It depends on your definition of cold, but the coldest water I ever used them in with success was 58 degrees. It was a cold and wet spring morning as a rain shower went through during the first hour of fishing and the spinnerbait bite we were on stopped as the rain did. We tried the spinnerbait for about half an hour after but no takers so my buddy tossed the old chatterbait and it worked but it seemed if we ripped them off the bottom was when they worked really well, not so much with a straight retrieve, so I guess it would be ok if fished the right way but I think if it was 55 degrees or lower there are better options.

It has been the last thing in my hands in the Fall for the last couple years.   Have caught fish down to 38º.    Did not have the same cold water success in the Spring though.

I have caught good fish both early and late in the year on chatterbaits. They are definitely a cold water bait in my experience.

I was sceptical when I started throwing them in colder water, but it has become a go-to bait in all seasons for me.

Had a great day of fishing last fall, mostly with a black and blue chatterbait. It was November 15th and all the leaves and lily pads were dead, water temps couldn't have been above 50. The biggest key was to crank as slow as I could while keeping the blade vibrating.

http://www.bassresource.com/bass-fishing-forums/topic/127397-cold-water-pond-bassing/

Did well on them last year with water temps in low 50's. Black/Blue with Havoc grass pig as trailer.

I have caught them down to 50 degrees maybe even lower like many other members have said. When the water is that cold I like to reel it to where it is just ticking the bottom or just ticking the top of whatever cover you are fishing. I have only consistently caught fish with chatterbaits in the fall when the water is that cold, just like wnybassman said. 

good article about fishing SB in cold water. basically the same deal

http://www.***.com/4-coldwater-spinnerbait-tips-you-need-to-know/

I've caught monsters with a chatterbait in 42* water. A slow roll on the bottom where you can barely feel the blade ticking.

I can hang it up in any temperature. Haha I throw one within a hundred yards of a stick and it somehow finds a way to wrap up...I hate chatterbaits.

I throw my chatterbaits whenever I'm throwing lipless cranks.  I fish them much the same way as a lipless crank but they allow me to bang into thicker weeds and have a slower fall rate than a lipless crank.  I haven't slow rolled them in 40 degree water range, but I'd give it a try.

Shhh you guys are talking about my secrets! Slow rolling a 1/2 oz. chatter bait in cold water is a deadly technique and if your looking for some good brands d&m makes the finest chatter bait on the market! My second choice would be a z man original.