To piggyback on Dennis' statement,Orvis is a big enough company that I don't think everyone is on the same page about how a 100% Satisfaction is to be implemented. If you don't like the response you get from one person, take it up with somebody else. Manufacturers in fly fishing rely on customer goodwill because that develops brand loyalty. Why else do they replace your fly rods that you sit on or slam in the car door? It's not because they like you
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You should definitely call customer service and use the magic words: "I'm not satisfied." The fact that they won't repair a leak sounds like a load of BS designed to get you to fork over some money for a new pair of waders.
I thought I'd share an experience that I had with Orvis and their 100% satisfaction guarantee. I bought some of the (really crappy) Clearwater line and used it for a bit before the welded loop broke off and I got tired of it sinking on every cast and sucking in general. I posted a review on their website stating my dissatisfaction with the product and they emailed me pretty quickly to offer an exchange for a new line or a credit towards a future purchase.
I printed out the email conversation that I had with the customer service reps and went to the store on 5th Ave to exxchange the line. When I got to the store the guy behind the counter tried to blow me off by stating that they only accepted returns of products in resellable condition and started lobbing passive-agressive accusations at me about mistreating the line and that my concerns about the performance were unreasonable.
I told him that if he had a problem with my attempt to follow through on a course of action that the customer service representative had suggested I was happy to take the issue up with the corporate office. He exchanged the line but was visibly unhappy. I have no idea why but he was really emotionally invested in denying me the exchange. I guess nobody told him about 100% satisfaction guarantee!