French Onion Dip

I have been on a quest for a good homemade chip dip every since I saw Two Dudes Catering make it on their show. Recently I tried French Onion Dip from Cook's Country Feb/Mar 2013 issue. I was fairly disappointed in this recipe. First off, I used only 2/3 of the onions called for and it still was way too insanely oniony. Almost inedible. I think if you made this and increased the amount of sour cream and mayonnaise, it might not be too bad. Maybe add some garlic, Worcestershire and chives too. I'm not sure if I'll try to make it again. Besides trying Two Dudes' recipe, I also tried Alton's Brown's recipe, and so far haven't loved any of these three I have tried.

French Onion Dip

3 T unsalted butter
2 lbs onions, chopped fine (about 3 large onions, I only used 2 onions)
salt and pepper
1/8 cayenne (needs more maybe?)
1/4 c water
2 1/2 t balsamic vinegar
1 c sour cream
1/2 c mayo

Saute onions in butter along with cayenne, 1/2 t salt, and 1/2 t pepper. Reduce heat to medium low and cook until onions are golden. Add 2 T water, scrape up brown bits and stir, once evaporated add 2 more T water and do the same. After onions are caramelized well, let cool. In a bowl mix with sour cream & mayo, add salt & pepper to taste. Refrigerate at least 30 mins. Stir again before serving.