Bah! Do what I do and suck it up...walk out in the knee deep snow and start taking pictures.
Seriously, an arctic shots I've done, I've done right out in my front or back yard (one of the benefits to New Englad winters, I suppose). Depending on what type of fake snow you get will really depend on how successful it is, but personally, I'd rather try the real thing.
I don't think I've lost anything yet, although I did drop my camera in a snow bank twice during my recent Ice Sabre shoot.
Everything still seems to be working okay, though...
I will agree, though, that if you DO have the option of shooting inside, try that first...I do prefer the controlled environment (and warmth!) of inside shooting, too...just for snow shots I take advantage of living up North.
Justin