All the welting, including a carved feather, and the outsole work. I used to have a half production sample, like the Vass ones you guys sent me, and the work was extensive.
I've seen the half sample that you're talking about, and it looked to me that it had a cut-and-turned feather a la JM Weston rather than a carved feather a la Vass. I could certainly be mistaken, but I am sure that the feather was an integral part of the insole and not glued on.
I am curious though; usually for all the handwork and size of insole, a much thicker outsole is used.
Most of the Tramezza shoes that I've seen lately have had relatively thin outsoles -- maybe 1/4 " or 3/8". I don't know what that implies, but there it is.
And you'll have to forgove my skepticism - I am so used to Italian companies touting their "handmade" shoes, even displaying obviously fake pictures on their websites, when their shoes are certainly not handmade, that I hardly expected Ferragamo to be the exception.
I'm skeptical, too, both for the reason that you mention and because I've never known Ferragamo to undercharge for their products. I could see a Gravati or a Martegani hand-welted shoe for $600 (I'm not saying that they make them, just speculating on price if they did), but not a Ferragamo.
The salesman, who seemed very knowledgeable, said that the reference must be to their new custom order program as they had not carried any truly handmade shoes for over two years.
I went to Neiman Marcus a couple of months ago to hear the spiel about the custom order program, and the two real selling points were fit (they had a full range of widths, and they were willing to make adjustments to the lasts to fit your feet) and leather selection (they had a very nice selection of perhaps 40 different leathers and suedes). The Ferragamo guy left me with the impression that the construction was equivalent to the stock Tramezzas, which is why I was distinctly unimpressed with the price (they started at around $850, if I remember correctly). Of course, it could be that I just assumed that the construction was the same as with stock Tramezzas and the salesman just never said anything to disabuse me of my preconceived notions.