UPDATE:
I've now worn these shoes on a few moderate day hikes.  I have to say that they are the most comfortable hiking shoes I've owned thus far.  I can't get over how well they conform to my feet.  Not one blister.  NO breaking in necessary.  I will definitely buy another pair to keep in reserve, in case Vasque decides to discontinue this model.
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This the first pair of Vasque shoes I've bought.  I've long been a Timberland and ECCO customer when it comes to hiking shoes, but came to learn about Vasque and was drawn to try them out.  This is a brand that began in 1971 and for some reason, for a very long time they didn't have an aggressive marketing campaign.  Ten years ago, the last time I went serious hiking shoe shopping, I don't recall ever seeing the brand.  Anyway, I couldn't find the Mantra style in local stores and wasn't willing to travel to where they are sold, so I bought a pair sight unseen.

CONSTRUCTION: First rate.  I can't find anything lacking. All sewing is straight and tightly done, and stress pieces are all double stitched.

MATERIALS: Excellent. The sole is Vibram and an excellent design. The body is mostly quality nubuck with some areas made of a thickly padded nylon mesh.  The mesh is very good quality, and tightly woven (it doesn't get snagged on abrasive edges that cheap mesh will).  The laces are made of a tough shock cord like nylon.

SOLES: Vibram is well known for making great quality hiking and work shoe soles, usually trading off flexibility for durability. These soles seem reasonably flexible while still providing a great deal of support, and there's something about the shape that encourages forward motion when walking.  The tread has excellent grip. The pattern is almost tire like with nubs being angled slightly.  This helps keep your foot from getting caught on craggy surfaces if you happen to let your foot glide low in stride.

FIT:  I typically wear a size 12D or 12M, and these shoes fit true to size for me.  The eyelet lacing design works well to keep the shoes feeling comfortable and secure. So far, I'd say they're the most comfortable hiking shoes I own.

STABILITY:  Most low hiking shoes are not going to have a lot of lateral support for backpacking with heavy loads. The Mantra don't have what it takes to go with more than 40lbs on your back, in my opinion. But then, I don't think these are meant for that degree of use.

TEMPERATURE:  The uppers are mostly leather with a nylon/polyester kind of mesh underneath. There's enough ventilation to help control the temperature inside. I wore these on a few hot days and my feet didn't feel uncomfortable. I have to say that I'm glad I didn't go with the Gore-Tex version.

EYELETS:  The Mantra 2.0 shoe design employs Nubuck loops for the first 4 eyelets.  The 5th eyelets are protruding metal eyelets to alleviate above ankle stress, followed by one set of metal reinforced eyelets.  Honestly, I usually feel like a hiking shoe should have metal eyelets all the way through, but due to the Mantra's design I think the Nubuck loops are fine for the first 4 eyelets.  If anything, the laces have fewer hard points to get worn on.

COLOR:  I got these in the "Bungee Cord/Russet Orange" scheme.  The photo looks a little more gray than it actually is. The nubuck is like a grayish dark brown, a nicely subdued Earth tone.  The "Russet Orange" refers to the Vasque logo decoration.  Honestly, I like this color over the Dark Earth, which is a richer medium brown.

This particular pair comes without a Gore-Tex liner.  You can get one in the GTX version, by paying about $20 more.  If you tend to hike in high moisture and wet conditions, it's probably a good thing to go with that.  However, I took these out walking in light rain for a couple of hours and these shoes didn't seem to absorb much moisture--the insides never got wet.  Some people say Gore-Tex is best for shoes that go above the ankle, as it's really most effective for keeping feet dry when walking through shallow streams.  You wouldn't walk through streams in low rise shoes, that's for sure!  So, I'm not so sure Gore-Tex is really needed for these anyway. And I'd rather have a cooler shoe in warmer months.

One last thing.  These are made in China, but if they said "Made in USA" I would have easily believed it.  The myth that everything made in China is junk just doesn't apply any longer.

Later on, I'll try to make a point of reporting back and documenting how these are working out over time.  As of now, I can't find a single thing I'd change about them, so it's five stars to start off.