I was in Darwin earlier this month and had to get a pair of Blundstones; 1) because I should've gotten a pair 10yrs ago instead of a pair of Rossi's (which I've since lost); and 2) because I was dying to get something Australian. I succeeded in accomplishing getting a pair of 550s...they are however, no longer made in Australia (mine were manufactured in Vietnam). I got a pair of 500s (stout) before I picked up the 550s, but gave them away since I screwed up the AUS vs. US sizing (AUS 8's are US 9's). Before I gave them away I tried to wear them with extra insoles; they felt like moon boots. In the little bit of wearing I did, I noticed the stout coloring got scuffed, revealing a grey suede like cheap leather.

The scuffing issue was disappointing, but eased the whole giving them away thing (no return policy at store purchased from, and far from store).

At this point I figured I'd get a pair of RM Williams; once I found them I decided against it since they're a little too Australian country & western for me, and the soles are too smooth for all-around wear.

I later happened upon a pair of sz 7 550s (walnut brown), that fit great (narrower than the 500s) and were made out of actual brown leather. I wasn't in love with walnut color, but was happy the grey cheap leather wasn't underneath a walnut veneer.  The leather did seem "plasticky" though due to the weather proofing.

Not being fully satisfied with the walnut color (I like the darker stout) or the way the coating feels/looks, I removed it with rubbing alcohol and acetone. Starting with the alcohol and then the acetone, just soak separate cloths; rub, wipe away, and let dry (2hrs or so). This process revealed a nice natural brown leather (I can see the pores).

To keep the leather from drying out due to alcohol/acetone, I rubbed in some safflower oil. I chose safflower oil because it's lighter than olive oil, and there's too many mixed reviews on treating leather with olive oil.  Equestrian folk with lots of tack/leather gear use oils as a low cost method to clean/treat.  Most use neatsfoot oil though.  To waterproof the boots a little, after the safflower oil dried, I liberally applied some Vaseline.

The oil/Vaseline treatment darkened the leather to a color I don't have to convince myself to like, and it made it super soft and supple.

The 550s also have a Thermo-Plastic Urethane (TPU) sole, which I've read resists the whole hydrolysis/crumbling issue.

Overall good all-around boot; just wish they were still made in Australia.

***If you choose to treat your boot as I have, do so at your on risk...results may vary.