I'd like a good pair of daily wear/light hiking boots.  They need to be all brown leather, and hard, polishable leather, not the pseudo-suede stuff.  Waterproof is a plus.  I'm looking at $150 or less.  I'm about to pull the trigger on a pair of Vasque Sundowners, which I've tried on and come highly recommended.  Anything else I should look at, or any downside to the Sundowners I should know?  Just want to make sure I get something good as my last pair of boots were worn probably 270 days a year for five years straight.

Go to REI and check out some Zamberlan hikers.  Everything that you are looking for and super high quality.   Better than the Sundowners (IMHO), but I question if these, or any other boot, would stand up to my daily wear for five years.  

I've had real good look with a pair of Danner Acadias; they are well worth the extra money you pay for them.  

However, I'm a firm believer in rotating your duty boots.  I've had two pairs of Justin trooper boots that I've rotated everyday since 1998.  All I've had to do is have them resoled.  Just can't wear out the uppers...

Vasque boots for me are the best hands down. They also do not wear out quickly.

Justin  

I've had 2 pair of Vasque Sundowners over an 18 year period and will not buy anything else.

I have a pair of Merrells and I like 'em a lot.  I don't know anything about the Sundowner so I can't really offer a comparison.

While I'm a big Danner fan, you can't go wrong with Vasque either.  Danner, Asolo, Vasque ... all good stuff.

BTW if you want to check it out, the Danner Explorer fits all your requirements except the pricing.  I have a pair and they're great.  That said, they are a bit heavy for just walking around town.