I've always heard it pronounced so that it rhymes with "beaches".
Personally, my breeches usually end at the top of my ankle. I wear short socks which usually end up going under them a little. Then I put my paddock boots on and put the velcro over them. Then I put my half chaps on.
Well this just confirms how ridiculously short I am.
All my breeches not only come to the bottom of my ankle, there's some fabric "leftover" still! I don't show any skin whatsoever when I wear them with paddock boots.
I wear only breeches, my trainer requires me to be in tall boots when I have lessons and this way all my riding pants are compatible with that. I put my socks over as they are slick and it's easier to get my boots on.