I've tried a lot of minimalist footwear. I have ended up mostly hiking in Altra running shoes.
Five Fingers:
I did not like hiking in 5 finger shoes. My feet got super cold with numb toes and just wouldn't warm up. With such cold feet I could feel every rock and pebble and it hurt way more than it would normally. I kept them for the gym but then noticed when I walked across campus to the gym the heat of the sidewalk was painful in warm months.
Homemade shoes:
I made many pairs of homemade shoes. Some of them were pretty good. The main problem I had was I could not get the glue to stick reliably to the sole. I figured out a way to cut a channel and stitch the sole on. My shoes took so much time and some came out well enough I didn't want to ruin them on the trails.
Sandals:
I've hiked hundreds of miles in Chaco sandals. I wouldn't say they are minimalist exactly, but compared to boots the freedom of sandals is absolutely wonderful. I prefer to hike in sandals over anything else.
I made some homemade sandals that were awesome, but haven't backpacked in them because I like them too much to ruin them on trails. They are pretty much just like these: http://oldesoles.com/shop/index.php?main_page=product_info&cPath=2&products_id=2&zenid=ndsdurkpfrqq89rfso1dhdi1q5 I used leather and the same kind of Vibram soling sheet they make Luna sandals from.
I've made some huaraches, too. I've finally made a really ugly pair I think I can hike in but I haven't tried it yet.
Xero sandals:
I brought Xero sandals on my last backpack trip and wore them for several miles. I burned the bottoms of my feet on the hot trail dirt and still am peeling the blistered skin off a month later.
Altra running shoes:
They are not really minimal. They're just flat. If my foot is foot-shaped, then Altras are not foot-shaped. I still have to wear them a few sizes to big. I'm not terribly fond of them but I can hike fast because of the padding and compared to other shoes, there is more room for my toes. I have some New Balance that fit way better but I once stepped on a very long thorn that went right through. I had to stick my hand in my shoe to push the sole away to get the thorn out of my foot enough that I could take the shoe off. So I don't wear them in the wilderness anymore.