Dennis: When I lived in Alaska I used 5 mm neoprene waders, they are great for really cold wx, but for normal fishing here in the lower 48 you're better off with light weight breathables (gortex, etc). Sometimes I will wear the neoprene waders when I'm fishing the dead of winter, but other than that I don't use them. I've always had stocking foot waders with separate wading boots. For me I like the idea of a better fit around the ankles, but YMMV.
As an analogy, think of the stockingfoot/wading boot combo as hiking boots and the bootfoot waders as sneakers.
Now, is where you're planning on fishing more of a hiking boot kinda place ? or would you be just as happy with the sneakers ?
I've had both boot foot and stocking foot. I prefer stocking foot. The advantages of boot foot is they come on one piece and, if you do a lot of fishing in the winter, it might be a bit easier to layer up underneath them. For me, the advantages of stocking foot are that they are more comfortable, easier to walk/hike in, and when it's warm I can just wear the boots (with neoprene booties) and have great traction without the waders.
The only thing I woulds like to add,as the subject has been well answered is The Neoprene Waders do get hot & I wouldn't wear them in Summer because you perspire in them immensely which can lead to Smelly Waders if they aren't consistently cleaned.
So they both have their fors & againsts,as pointed out some people have Both for Winter & Summer.
Because there are no Snakes in New Zealand most people wear Thermal Longjohns over shorts with Wading Boots & Gravel Guards.
I gave up neoprene years ago while living and winter steelheading in Michigan. Neo waders never allowed perspiration to leave so I got cold and clamy wearing them, not to mention pretty ripe smelling! I even used the breathable/fleece garb for ice fishing. Walking out on the ice really gets you working up a sweat and then you get to sit still on a bucket in the wind. Before the breathables it was very hard to keep comfortable doing that.
If you think about it, neo works because tiny air bubbles in the material traps air that your body heats to keep you warm. This is the same thing good fleece does under breathable waders but the benefits of the breathable/fleece stuff is that moisture is wicked away and out of the breathable membrane thus keeping you warmer, drier and more comfortable. The breathables and fleece also stretch nicely and aren't nearly as hard to put on and take off.
I have bootfoot and stocking foot waders. Most times I use the stocking foots saving the bootfoots for the surf, pontooning in cold water and sometimes when in a drift boat... anywhere technical wading isn't called for. When I was working I always carried the bootfoots in the company car for a quick dash in the water. They fit over suit pants quick and easy!
I think the Gore-tex with neoprene stocking foots and a good set of boots is the way to go... Fished my setup for years now in temps from 22 degrees to 90 in the summer (rolled down to the waist). If in varying temps like I tend to be, I'd go with a quality convertible wader.
For those needing the utmost traction, I just got my dad some of the Patagonia boots with the aluminum bars... Everything I've heard/read says that these are better than felt, and we all know that felt is going the way of the dinosaur...