I have a pair of the LL Bean GQS waders that pack really small. They're a lightweight 3 layer wader with gortex feet so you don't have all the bulk of neoprene feet. Plus, you can't beat Bean's warranty. You need to go with smaller boots with these because most boots are sized for neoprene feet. I have a pair of boots in my regular shoe size for these.
http://www...thod=pp&feat=3934-tn
They make a waist high too.
http://www...thod=pp&feat=3934-tn
I also use a thin neoprene sock over the gortex feet to protect them from rubbing inside my boots. NRS makes a 1/2mm sock that doesn't add any bulk.
http://www...op/product.asp?pfid=2342
You can even use this set up with a pair of lightweight wet wading shoes...
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