Breathables suck for winter time. Neoprene suck for summer. You're gonna wanna get neoprene if you plan on fishing into the night and through fall/winter/spring. Plus, if you fall into really cold water, it's 10X harder to swim. Neoprene will help you float.
I had both. Neoprene FTW. More durable too. After I ripped my first pair of expensive ones (argh, $600) I had for a few years I gave em to my brother in law. I bought a cheapy pair of those brown bare waders for $100 and they're a hell of alot better. Remember though, if you buy neoprene, make sure the feet are loose. If they're too tight, you'll freeze your feet off in the colder months.
Also, white river products should do fine. Just don't go cheap if it's a plastic reel or something. The only thing I'd recommend not to go cheap on is, if you can help it, the rod, and the flyline. I recommend scientific anglers flyline. I had a spool off my very first flyrod bought in 1998, and the **** still floats and casts like new.
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