Finally a thread I actually know something about! Like smalljaw67, I don't throw larger wakebaits, but I do throw the crankbait type more than any other lure because the ponds I fish are filled with vegetation and subsurface lures have to be weedless or else they hang up. The wakebait is perfect and catches fish like crazy. With that out of the way, I will say the Academy-brand H2O XPRESS wakebaits are great and are my favorite lure, you just need to switch out the hooks (they say they come with VMC hooks, and while that may be the case, they must be bottom of the barrel VMC's because they are awful). The larger Bass Pro Shops Egg works well, but the smaller one won't stay on the surface so don't really consider it a wakebait. My favorite BPS wakebait is the Super Shallow Crank, which works great as a wakebait or as a subsurface lure.
Just tonight I was at the store and the Storm Arashi wakebaits were on sale for half off so I picked up two of them. Hope to give them a shot tomorrow night and see how the $9 baits do compared to the $3 Academy brand ones.
I also use the Baby Minus 1 and the Mann's Waker Elite from time to time, and they work great, they are just not in my regular rotation. Finally, the wakebaits you can buy blanks of all over the Internet (don't know who makes them but if you Google wakebait blank they will come up with a ton of hits) are great. They run about a foot deep on a fast retrieve and wake nicely on a slower retrieve, and they create a ton of commotion with their internal rattles. If you want to try painting your own, give them a shot.