I also got one pair of Smartwool toe socks--these seem to be new. After wearing them a couple of times without washing, they seem like they are stretching out and becoming more baggy--might be a problem on the trail.
I paid attention to how I was putting them on, and no, there is just too much material on the last 2 toes--my toes are way shorter than the sock material. Either I let some hang out past the tip of my toe, or I scrunch extra material between my toes, which sounds like a recipe for blisters to me. I've got the Cool-max ones on today, and they feel a little thinner than the wool ones, but still too much material.