Waist or chest?

Trout man, depends on the type of streams you are going to fish. Probably 75% of the time waist highs are sufficient. I think they last longer than the hip waders. I kept my hip waders hung upside down in a dark cool place and they still dry rotted. Plus I prefer the wading shoes for traction. I also have chest high for when the weather is bad. It gives you a little more protection from the elements and allows the rain to clear your waist area.  Hope this helps.   Lou

I like equipment that serves a variety of purposes, and while hip waders definitely have their place, and I like them, if you're looking to get an all-purpose pair get breathable chest waders.
 
You can roll them down to waist height and cinch them to stay put if the wading calls for it, or lift them all the way up when needed. Breathables allow you to use them in the Summer and if you wear warm layers, in the Winter too.
 
Regarding the choice between boot-foot or stockingfoot waders, that's probably negligible and best left to opinion. I personally prefer stocking foot waders because the open my choice of foot wear. That said, if I had a couple sets of waders, I'd have one of each because boot-foot waders are typically easier to put on and take off, and there's no time spent with laces or straps. (Every minute counts when the fish are biting! 8-)  )

since i use mine both on streams and in lakes, i prefer chest waders.  as luvin said, they can be rolled down.

I like the waist high, but you can convert chest waders to waist high as well. Just fold them down and and use the suspenders as a belt. But i agree it depends on wher eyou are fishing. Walnut all you need is hip waders, elk waist or chest and if your wading the lake chest waders are best to help with the waves. But 99% of the time waist highs are all you need. Unless i'm crossing a stream, I never wade deep, there no need for it. The fish will be where you wading.. lol... So I'd go with chest waders and just fold them down when not needed.

If only getting one pair, I'd say breathable chest. If planning to fish in 40* or less water, boot fit so they won't constrict on your feet. If hiking is more of your fishing, definitely stocking foot with a decent boot over. Much more comfortable to hike, than a floppy and heavy boot foot. I personally go with multiple pairs. Breathable stocking foot for anything over 40* water and hiking involved. Neoprene insulated boot foot for wading in water under 40*, which I am not planning to hike a lot. The boot foots are a size larger which I can wear my poly propylene liner socks and alpaca socks over. Buys an extra 2-3 hours of fishing over my stocking foot waders which are a snug fit, great for hiking miles though. I wouldn't think to hike more than 1/4 mile with the sausageprene boot foots.
If most of your wading is 1'-2' of water and hiking a ton, breathable waist are the way to go.

Chest waders are the way to go unless you're fishing small native streams.