FWIW, I had the Michelin LTX M/S tires in LT 265/75R16 C for approx. 70,000 miles on my 4Runner. They were great in snow and wet roads. They rode well, and were quiet. They were also fine in the moderate fourwheeling they were subjected to. Obviously they're not a mud tire, but anything short of that they were fine.
They only real complaint I had with them is that they would gradually lose balance every 3000 miles or so. Not a huge problem with free rotations and re-balancing from Discount Tire, but kind of annoying all the same.
The next set of tires were Toyo A/T's in the same size and load range. They had a more aggressive looking tread, but in almost 40,000 miles, they didn't seem to have any advantage over the LTX M/S tires IMO, but they were slightly louder rolling down the road.
I swapped out the Toyo A/T's last year, and have been running the Toyo HT's in LT 265/75R16 C. As far as I'm concerned, it is a better tire than the LTX M/S, or the Toyo A/T. It's just as quiet as the Michelin LTX M/S, and unlike the LTX M/S, haven't needed periodic re-balancing since they were installed.
My 4Runner is mainly a winter driver, and the occasional moderate fourwheeling vehicle. In the mountains of northern Utah, we get lots of snow every year. I haven't had any problems with traction in snow with the Toyo HT's. I do shift into 4wd when conditions dictate, but have never come even close to getting stuck. They also resist hydroplaning on wet roads extremely well.
I've seen the latest test in Consumer reports which rated the new Michelin LTX M/S2 very highly, while the Toyo HT is rated quite a bit lower.
In my experience with extensively driving two separate 3rd gen 4Runners equipped with those respective tires, I find their performance to be pretty close, with an edge to the Toyo's for ride considering a heavier duty LT vs P construction in this case, and better performance in Snow, and wet roads. I think because of starting with a deeper tread on these particular Toyo's. See below;
My Sister has the Michelin LTX M/S2 tires in P265/75R16 on her 4Runner. We've both had our tires about the same length of time, and miles. Despite her having the P load range tires, and me have a C load range LT tire, the vehicles ride about the same. Both sets of tires are inflated properly for the weight they are carrying, and respective tire construction.
Her P load range tires don't seem to do quite as well in Snow and on wet roads as my C load range LT tires. It's my theory that this is at least in part due to her tires having 12/32nds of tread when new, and my Toyo's starting with 16/32nds of tread.
Tread wear between the two sets of tires is as far as I can tell from measuring the respective tread depths, the same. Since the Toyo's started out with 4/32nds more tread depth than the LTX M/S2's, and appear to be wearing at the same rate, they should also last longer.
So for your intended use, the Toyo HT might be worth looking into. They are usually cheaper than the equivalent Michelin LTX M/S2's as well.
Here's a thread that convinced me to give them a try:
http://www.toyota-4runner.org/performance-zone-tires-wheels-exhaust-superchargers-more/69101-toyo-265-70-17-open-country-h-ts-installed.html
