I was originally going to post this review on the GearJunkie page, but they had already written a bunch about this shoe including awarding it "2015 GearJunkie top gear pick", so I'll post it here.
Last year while I was still staggering from my first foray into ultra-running I was given a pair of Altra Lone Peak running shoes at the OR show. I have used them on and off since then and have come to appreciate them. For starters Altra shoes do not follow the normal shoe shape. This makes them look a little unusual with a very wide toe box compared to the vast number of pointy toed "elf" shoes out there. Even after years of toe crushing climbing shoes my feet have been described as "duck" or "Flintstone" feet and they much more closely match the Altra shape. I know that some people actually have feet shaped like "normal" shoes and for them Altras might not fit so well but for the rest of us it is a breath of fresh air to have an actual foot shaped shoe. They also have zero drop so the heel and toes are at the same level which helps to promote forefoot strike running.
Their main purpose is trail running and they do a great job. There is adequate cushioning to protect against sharp rocks and long distance pounding, the sole is grippy, and they are fairly light (11.9 oz). The tread isn't super aggressive so they aren't great for really muddy trails and while adequate for moderate scrambling the sole and foot shape do not lend themselves to real climbing like some approach shoes do. I never felt unsure on the rock like I have with some other running shoes. I took them for a run up towards Lamarck Col on day 5 of the Sierra Challenge and they worked well for powering up the steep trail and talus and then jogging back. As an added bonus the waterproof upper kept all of the usual powdery dust out. With the addition of their scree gaiter which attaches with a hook to the laces and a permanent double hook-and-loop flap near the heel (this never popped off unlike the single layer ones I have seen) they do an ok job of keeping scree out of the top. There was still a little leakage when doing serious scree skiing because the sides are able to stretch up.
My next test was a 36 hour adventure race near Bend, OR. I wore them the whole time except for when I had my bike shoes on. They stayed dry through some very wet grass and moderate puddles (much longer than my teammates' shoes) but then filled with water when we waded across a river. They never fully dried after that (there were more complete immersion events), but otherwise were not a problem. I think with a more judicious use of dry socks they would have been nearly dry for more of the race.
They were the shoes I took on the 3 month YogaSlackers TAO (Tour of Asia and Oceania). Most of the time I wore sandals and flip-flops, but I used them for hiking, scrambling, airports and transatlantic flights, and running. They also proved to be mosquito and sandfly proof. They were especially handy for bush tramping in New Zealand and scrambling up muddy rocky trails in Hawaii.
After months of occasional but concentrated abuse they are holding up well with only a few of the small front treads ripping off and some scuffing around the edge of the midsole. The neoshell uppers are in great shape and when the Colorado River came up nearly to the laces while I was collecting water they were still 100% waterproof. Despite this waterproofing my feet have never felt unusually clammy or moist unless I actually immersed my feet so the water came in the top. (disclaimer - I tend to have somewhat sweaty feet no matter what shoes I am wearing so I might not actually notice it).
In conclusion I am a big fan of these shoes. I figured I would like them based on the foot shape and I was not disappointed. I usually have to size my shoes a bit large to get more width in the front but that isn't necessary here. The waterproofing was great as long as you don't actually send water down the top - so they are particularly suited to short wet grass, mud and puddles, and shorter rainy runs where the water coming down your leg won't be enough to soak them. Once soaked inside they don't dry quickly, but they also don't seem to dry particularly slowly. Unlike some other waterproof shoes the outer surface is the waterproof layer so as long as they don't get wet inside they don't pick up much water weight and the outer surface dries very quickly. Shoes with a waterproof lining or wearing a waterproof sock can gain a lot of weight even though your feet might stay dry. I plan to use them extensively in this summer's attempt to summit all of the Colorado 14ers.
My biggest pleasant surprise was how well they kept dust out. Dust is particularly annoying on some of the trails that see a lot of horse traffic as they pound the trail into powdery moon dust that sifts through the upper of most shoes and leaves you with black toes. The dust can also be abrasive and can wear between the toes or even start caking up.
August 2016 - after a few 14ers and other abuse I discovered (or created) a few negatives... One - they have relatively poor edging in snow so aren't great for kicking steps or standing glissades. Two - if you leave the insoles on the dashboard to dry and it gets really hot and sunny they shrivel up like little potato chips (total operator error). A downside is that other so called normal insoles don't fit the foot shaped shoes so well. Three they finally started leaking a little along the outside edge - I think the water is actually getting in along the seam between the sole and the upper and the upper material itself is still waterproof.
At the OR show I was able to see the new lineup and it looks like Altra has addressed some of the shortcomings in their newer offerings.