I had an SE300 hydrofoil. It cut planing time in half but that's about it. It made the prop cavitate on turns more easily and its shape didn't really allow it to enhance the wake as I would have liked (it sat too far back so it was too high in the water when I trimmed up).
So I went to a metal place, bought a 24x12 piece of 3/8" stainless plate and made my own. The only tools I needed were an abrasive blade on my table saw, a grinder, a belt sander, and a drill. Oh, and a Dremel to clean up the inside corners (not absolutely necessary). If I had a high-speed polisher, I could have made it nice and shiny too. Cost me $30 and an afternoon. The labor pays for itself though when you hold your massive stainless steel "masterpiece" in your hands and think, "look what I made." (making stuff is cool)
Anyway, the new one works much better for shaping and enhancing the wake, it doesn't cavitate on turns, and it still planes in half the time. Highly recommended.
Here's a pic: