When I'm 'banking it', with the occassional wade in the water - especially if it has sandy or muddy bottom, then lug soles are fine. But I usually do more aggressive wading in the water, and lug soles will do one of 2 things in that situation - get you wet or get you killed eek
Last year I had a couple close calls - both with my lug soled hip boots - once I got very wet. The other time I just did a fancy jig and managed to stay dry (i was on my way to work...). I did have one nice spill coming down a muddy bank with my felts though. Just got my a$$ muddy - which is much better than getting cold and wet during winter steelheading...