Last few years I've had nice pair of low cut Keens for portaging as my wet shoe. This has worked OK. Reading BWJ, Stu advocates for a Schnee 9" uninsulated boot...
Given that I'll be out with the Wabakimi Project in a few weeks, and WCPP in August, I've been thinking about bringing my Keen hiking boots which are more substantial than my other Keens. (they have great sticky soles and I don't slip much--unlike my old Asolo boots with worn down Vibran soles),
My concern is (besides the weight of a hiking boot), is if one dumps and has to go for a swim. Some of the big lake crossings can get a bit hairy, and it's possible (shit does happen--see Tragedy on Alton Lake--BWJ Fall 2013).
News Story I've been thinking about taking my PFD and boots for a swim, to see how functional I'd be, swimming along with my overturned canoe.
I've never dumped on open water, and when on big lakes carefully stick close enough to shore that I can visualize making my way there, swimming if I have to. I have overturned in streams a couple times, enough to make me wary of eddies & obstructions you can ride up on.