Just remember that the wood will rot and weaken after time in the weather unless it is covered well.
This is true... but if you build it RIGHT and out of the correct materials it will last for a long time. Metal will eventually rust and break if you don't build it right and coat it with some sort of paint. Either way you'll have a nice stand for years to come. I strongly recommend using treated lumber, not yellow lumber. There are alot of plans out there on the net that will help you build what you want.
e-mail me at email@example.com and I can send you some 4'x4' plans that a guy sent me. Anyone feel free and I'll send you those stands.... plus I have a good wooden ladder stand set of plans if you want those too... just e-mail and let me know what you want.