I like the Pearl Izumi booties. They make a P.R.O Barrier Lite (approx $30) and a P.R.O Elite (approx $60) that both do a decent job of repelling water.
I used the Lites on my commuter with very small spd cleats. Zipping at the rear was a royal pain and pretty much served as my warm-up before the ride even began! The Lites stayed halfway installed on a certain set of dedicated riding-in-the-rain shoes, which improved my prep time.
Those Sealskins listed here look nice, but the ones with the LEDs are not water resistant. (Seems gimmicky to me, as well, as a strong blinky under the saddle raises the eye level for motorists and works fine.)
I have the Pearl light booties, and they work well. I have to say you are pretty much dead wrong about the SealSkinz with LED. I rode them today in a constant rain for three hours. Feet were bone dry. Mine are a year old too. I commute in them, and any light you can get before sunrise doesn't hurt. Add to that the lights are moving, and moving light is much easier to see than constant light, thus, most tail lights have a flashing light mode. With these you have three moving/flashing lights in the dark. I am guessing you haven't actually used these, and are basing your opinion off of the few reviews online at REI. Pro tip, people who don't have an issue with products rarely take the time to write reviews. The few people who seem slighted by a product go to no end to slam a product. As you already pointed out, if you don't put leg warmers on over the top, or any of a multitude of non-water proof bad choices, your feet still get wet. I am guessing the negative review you read was an issue like that. I have hundreds of hours in the sealskinz and have never had wet feet.