It's been a few months since my thermodynamics class, but the way that I understand it, a system is at equilibrium when its free energy is as low as possible. The free energy equation is dG = dH - TdS. So even if the entropy decreases a bit , that can be compensated by the fact that the reaction is exothermic, thus dH is negative. In fact, the lower the temperature, the less of an effect the TdS term will have on the free energy. So the way I see it, as long as the entropy change is rather small and the heat released is rather large, the system would be spontaneous at low temperatures. Then again, I didn't do all that great in thermo...