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Basement finishing question

Hi all, I'm about to finish an unfinished basement. My first and main question is; Has anyone used metal studs to do the job? Everything is so expensive right now! Also, is waterproofing the walls good or bad? I've read conflicting thoughts online. I'd like to do it right the first time. I'm also thinking about not finishing the ceiling. There are prefabricated joists that are open effectively giving me a ten foot high ceiling! I may or may not do it myself. Thoughts? Thank you. Joe
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jnovak OP
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Thanks guys. I'll keep you all posted on the progress. It may take me awhile. I appreciate the input. 
    I don't actually have a water issue. The house was built in 2008. The yard is graded away from the house. The main wall I'm concerned with has a nice southern exposure. A lot of light pours in the 4X4 egress window helping to keep it bone dry.
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