I just got back from an enjoyable but unsuccessful sheep hunt, and my boots were the weakest link in the gear category. I have a quality ($350) pair of well waxed, leather boots that have a waterproof/breathable membane. After 1 day of hiking in light rain, through wet tundra, my feet were swimming in water. I could easily wring the water out of my socks. It made for an unpleasant experience, and under different circumstances it could have been dangerous.
So, from your experience, is it possible to have a waterproof leather boot?