For many years now, I have used wet wading gear instead of breathable chest waders (BCWs) for bass fishing here in the UK. There are four main reasons for this:
Temperature. I personally find that chest waders get very hot in the summer when walking up and down the coast. Wet wading gear on the other hand is highly adaptable, and I can easily change the layers I wear depending on the water temp and how far I might be walking etc.
Mobility. I find that wet wading gear gives you a lot better mobility when you're scrambling down banks and across slippery rocks. You also don't have to worry about them getting holes in.
Safety. If you fall into a rough sea or strong current in full chest waders then you will likely be in trouble. In wet wading gear there is no trapped water pulling you down, and it is just like swimming with clothes on. Not ideal, but a lot better than waders.
Expense. Although the initial cost of wet wading gear and breathable chest waders may be similar, with wet wading gear, you can easily replace one item when it breaks down rather than the whole system.
Over the last few years I have tried several different wet wading setups, but this is the gear I currently use:
Palm Gradient boots
As far as footwear goes, I am currently using the Palm Gradient Boots. They are super comfortable and drain very quickly, and this is very useful when you're going in and out of the water a lot. The Vibram soles have lasted well, and provide good grip on wet surfaces.
*I am usually a UK 12 so opted for size UK 13 to allow room for a neoprene sock (these fit me well).
Korkers I-Drain Neoprene Guard Socks
For the last year or so I have been using a pair of the Korkers Guard Socks. They drain quickly - an important quality to look for with neoprene socks - and I have found them to be very comfortable (I am a UK 12 and the Korkers Socks fitted me well in size XL). I have been using them intensively for the last year and they have lasted me very well, but the inevitable arrival of a big hole in the heel has resulted in me looking for a new option.
With the Korkers Guard Socks, the neoprene sock element is attached the the gravel guard (I wouldn't go wet wading without gravel guards as they stop sand and pebbles etc getting into your boot). Now whilst I like the idea of the two being attached, when the sock inevitably wears out you end up having to replace the gravel guard as well as the sock. Therefore, I have now started to use a separate neoprene sock and a pair of the Vision Neoprene Gravel Guards.
Palm Blaze Leggings
I tend to start bass fishing in about April or May, and at this time of year I will wear neoprene leggings. The water is pretty cold at this point, and standing in the water for a couple of hours without them is pretty uncomfortable! Around June, both the air and water temperature has increased and at that point I then won't wear neoprene leggings for the rest of the year. If you're not a fan of the cold water, then you could go down a thinner pair of leggings as it gets warmer.
Boardshorts and Jammers
I always wear a pair of boardshorts with jammers underneath. You can wear normal swimming trunks, but I have found them to be a lot less comfortable especially when you are going in and out of the water a lot or covering a lot of distance. If I am wearing leggings as well, then I will wear the jammers underneath and the boardshorts on top.
I very, very rarely see anyone wet wading, but if you are thinking about it then I would certainly recommend giving it a go - I personally can't see myself going back to wearing chest waders for my bass fishing any time soon!