How often will you wear them?
If you are looking at $200 for waders and boots, I would first think about how often you wear your waders and boots v. just the boots. And secondly do you fish near your car or have to hike long distances to get where you want to fish.
If you only wear your waders 1/3 of the time (or less), I would put most of my money in my boots and get some inexpensive waders. If you fish about half the time in waders then look at spending about the same for each. If you fish mostly cold water and almost always wear your waders then look at spending more on the waders than the boots (you can always get some foam inserts to make your cheap boots more comfortable).
I spend less than 1/3 of my time fishing in waders, so I purchased cheap waders and spent my money on Korkers Streamborn (http://littleriveroutfitters.com/sto...at=1140&page=1). If I did less hiking, I would have purchased the Chota STLs. There are a number of Waders in the $75 to $150 that are serviceable if you don't wear them more than 10-20 times a year. If you are a hard core wader person, then you will want to spend more...
"Even a fish wouldn't get into trouble if he kept his mouth shut."