ORIGINAL REVIEW:

Good things about the Blundstone 500 boots I bought circa 2007:

-They are my most comfortable walking shoes. My feet do not tire in them.
-I am not small or light, I have put at least a thousand miles on them, and the soles are holding up incredibly well.
-You can wear them almost anywhere-hiking in the desert, shoveling snow, out on the town, funerals (at least before they're pushing 5 years old and kind of battered.) They're tough, decently supportive, fairly water resistant and light. They are decent running boots, too.
-EZ on and off

The only minor bad thing:
The leather of the two shoes don't match, texture-wise. One is very smooth, the other is rough.

UPDATE NOV '12
I guess I wasn't paying attention. By the time I wrote my original review, the company had already moved production to SE Asia to cut costs. A buddy who bought a pair of the boots perhaps a year ago already has more sole wear on his than I have on a well-used 5+ year old pair. And I outweigh him by at least 60 pounds.

I have no philosophical objection to Asian production, but I think it's pretty sleazy that the company systematically threw domestic workers out of a job in order to move to a cheap-labor country, and meanwhile drastically reduced quality while keeping the price high. I know some some recent biz school grads would respond that if they can get away with it, good for them, that's the free market. I understand that argument, and think anyone who would make it is also sleazy, at least from a business ethics standpoint. When Blundies fall completely out of fashion (if they haven't already) and the only thing they have to rely on to maintain sales is reputation and customer loyalty, there won't be any.

Blundies are worth maybe $50 these days, and if I can find a pair for that price, I will buy them. There is no way they are now worth $150.