For lightweight warm weather wading, I wet wade, with one of three footwear solutions:
1) For significantly fast moving water and depths around waist high on average, I'll use neoprene socks and my wading boots. I can't afford to compromise on traction in this situation.
2) For "easy wading" situations like larger, slower creeks with well-defined trails on the bank and little in the way of obstacles, I'll just use a simple pair of Teva sandals. They're quick to dry and the sole is thick enough to keep pointy rocks from jabbing into my feet. There is a slight risk of a rolled ankle, I suppose, but I've never personally had trouble with that.
3) For blue lining, where the water is swift but shallow, and the rocks are often rounded, I like the feedback I get from wearing a pair of "barefooting" shoes. I prefer the Vibram KSO, and I'm on my second pair. The degree to which you can feel the ground underneath you is pretty awesome and really helps with stability. After a long time, some silt will manage to get past the elastic around the ankle, but they do a pretty good job of keeping it out (better than the water socks)...and really, it's a matter of sitting down on a rock for thirty seconds to give them a rinse. The main drawback here is that a seriously uneven surface may be uncomfortable to stand on...for instance, one single pointy rock on an otherwise flat surface. It'll feel pretty much like you might imagine the same situation barefoot.