I'll throw my $0.02 in.
I wear moccasins almost exclusively for woods wandering. Have for years, and they were always the cheapo kind from Wal-Mart. I've become picky about their design and construction though.
Suede soles are fine, except for wet weather. I prefer them actually. They are very slippery so you have to grip the ground with your toes. Once you get that down they're great. You can feel the ground, don't leave tracks, and so on. I've read about greasing suede mocs, but I could also strap banana peels to the soles to make falling on my ass funny.
Rubber soles are better for wet ground, and more tender feet, but some lots carried in stores have very thick soles with squares molded in. Those suck, because all you can feel are rubber squares and not the ground! If you can find the flatter type, get those. And also avoid the plastic soles (K-Mart), they don't flex as well, less ground-feel, and they make more noise.
And one of the biggest advantages to me is that they form to the exact shape of your foot. After a few days, they're custom.
Thick wool socks can provide cushion.
If your mocs collect sweat, just pour some powder in to them, and shake it around. No smell, clean, dry, cozy.
I love moccasins. And cheap ones will last if you give them half a chance.
Hope this helps. Take care.