Waterborne:
I wanted to share an option for you if you don't feel like dropping $700.00 on an UL set-up. Consider this guy's custom builds:
http://www.rdpflyrods.com/I recently purchased one of his builds for $145.00 shipped and am pretty pleased with it. As part of the customization, I had the opportunity to specify the reel seat, ferrules, thread wraps, and personalization to my liking. I've fished my 1wt, 7'6" custom twice and have noticed that the action is smooth, fast, and similar to that of my Orvis Superfine. Is it a Superfine: of course not. Is it worth what I paid: you bet it is.
Not to get down the weight rabbit hole, but the above build is probably not a true 1wt. With that being said, it is an ultralight alternative, and when paired with my $90 Redington Drift, and an $8 Orvis Wonderline I scored on Ebay, I've managed to put together a solid set-up for a fraction of what I paid for it's more sexy Orvis brother.
Regardless of what you choose, I'm certain that after you throw a UL, you'll become like the rest of who now question what to do with that 3wt that was previously the "go to" stick.