I wear and have 4 pairs of vibram fivefingers(the originators!) and they are great. for real hiking lowas or nothing. there is nothing that come close to the comfort, fit, and finish of lowa boots.
I've used my vibram fivefingers for a lot of hiking, including in the foothills of the alps and Mt. Monadnock in New Hampshire, and I was doing better than the guys with $150 hiking boots. they're a lot more sensitive to tiny pebbles, but aside from that very comfortable. I don't have the insulated, waterproof ones, but once I get a bit more money flowing in, I will get some for colder weather hiking.