These shoes have solid construction and decent fit (it's Cole Haan after all), but I was spoiled by having tried on a pair of the Pinch Cup Penny Air Loafers a while back, which had much better arch support for not a lot more money.  Unfortunately that shoe is no longer available, and these shoes have to go up against other loafers that are of similar quality and are actually as or more comfortable in the same price range - Bass Wejuns spring to mind.

That having been said, I like the rest of the shoe, especially the heel counter (which makes this a cross between a driving shoe and a loafter) and the grippy bottoms, which make them an almost perfect business casual shoe. If you're a Cole Haan fanatic, you're not going to go wrong - I'm just going to hold out until they re-release them with the air insoles again before I purchase another pair.