Neoprene are more expensive, more comfortable, and maybe a little harder to get into and out of (if you have a little extra insulation). They don't last as long as canvas, especially if you walk through brush to get to the water. If you can swing the extra cash, neoprene are the way to go (unless to have even more extra $, in which case you should consider some of the 'breathable' waders). You can usually get two sets of canvas waders for the price of neoprene, or waders and hip boots.