Step 1: Acute inflammation has two central vascular components: alterations in vascular calibre that increase blood flow, and changes in the microvasculature that allow plasma proteins and leukocytes to leave the circulation.
Step 2: After a brief, transient vasoconstriction, arteriolar vasodilation occurs (mediated by histamine and nitric oxide), increasing blood flow and causing heat and redness.
Step 3: Increased vascular permeability follows, mainly through endothelial gap formation in venules, allowing protein-rich fluid (exudate) to escape into tissue, producing swelling.
Step 4: These two events, vasodilation and increased permeability, together constitute the defining vascular hallmark of acute inflammation. Stasis and leukocyte margination are downstream consequences, and vasoconstriction is only a fleeting initial event.
Conclusion: The hallmark is vasodilation with increased permeability, so the answer is option 3.