I have had two pair of cheapo wading boots (Remington, and Hodgman), and both of them lasted less than a year. My $60 Hodgman waders have lasted me two seasons without so much as a pinhole leak, but the boots just didn't cut it.
I then decided to make my own, because I was sure I could do better and/or save money. I made two different pair. The Felted Chuck Taylors were, visually, an acquired taste; I thought they looked awesome, but they fell apart even quicker than the store-bought versions and were a ***** to get on and off. The Felted Timberland hiking boots had slightly better durability, but they also eventually started falling apart (they just aren't made to be constantly submerged, yo) and were also a pain to get on and off.
I finally decided to throw down a couple of bucks and get a decent pair of boots! Last Spring (2009) I bought the Simms, Vibram-soled, Freestone, and, a year and a half later, could not be happier. The price tag is a little steep, at $125, but I NEVER regret the spent money; in fact, I would go so far as to say it was the best equipment investment I have ever made (maybe on par with my machined fly-reel). They are super durable, easy as pie to get on and off, and, with studs, keep me firmly planted at all times. you can hike in them, go directly into the water, and then back into the car without bringing half of the river with you. Add all of this to the fact that Simms has about the best customer-service in the world (they will exchange them if they break, period) the cost is negligible.
I urge you against making your own boots. No matter what folks will tell you, Shoe-Goo is going to be a maintenance project; it will come loose, and you will have to pull it all off, and start over again, probably every month or so if you are fishing heavily. The epoxy that comes with felting kits is somewhat longer-lasting (6 months?), but when you are looking at $15 - $20 for a kit at bi-mart, is there really a whole lot of value there after you add in the cost of a hiking boot?
In three years, I spent, at the very least, $150 on hodge-podge wading boots; it was often uncomfortable, and always frustrating. Compare that to the last year and a half, with boots that come off and go on without hassle, are uber-comfortable, and show absolutely no signs of noticeable distress, and suddenly the $125 doesn't sound so bad.
*edit: FTR, I have no stock in Simms, nor am I, by any means, an all Simms- sort of guy; my boots, and a couple of retractors (which are also awesome) are the only Simms products I own, mostly because I don't like to spend money, willy-nilly, on products I likely don't need. Korkers and Redington also have boots, in roughly the same price range, that I had on my possibilities list. The Freestones just wound up being the boot I decided to go with.