First, thanks for all of the comments by everybody.
No, the felt is still really stuck on. However, the studs are starting to stick way out.
I was just thinking about getting a new pair of wading boots. The low end Simms are $99 and I'm sure they would last a long time. For $50 it's worth getting the current ones fixed. However, as the price climbs it becomes less worth it.
Chris -