The Bottom Line: The Peregrine 8s are great, comfortable, neutral trail runners with good grip. They are not waterproof, but they drain extremely well when wet, so your feet won't stay soaked. They have enough support for long day or overnight trips, and they are much lighter than a mid boot. Although the colors are a bit unexciting, the shoe is well-built and durable enough to last more than 300 miles of trail running and hiking.
I have been running and hiking in Peregrines for about two years now as my main trail shoes, and I'm really happy with them. They provide enough grip for technical trails and comfort for longer days without sacrificing weight. Saucony describes the shoe as "neutral," and I'd say that makes sense. They aren't too wide, too narrow, too steep, or too flat. They have neutral pronation and medium cushion. The shoe has a well-balanced design that offers low weight, comfort, and flexibility. I have used them for all sorts of hiking and varying types of trail running, and they have performed well in all categories.
Let's start with running. I love the Peregrines for trail running. They have great grip and flexibility, so I can feel the trail; however, they have enough support that my feet don't get destroyed. In fact, I've done two different 50-mile trail races in these shoes, and they performed great both times.
This brings me to one of my favorite parts of the Peregrines: the drainage. During my first 50-miler, it rained several inches over the 10-hour race, and my feet were instantly soaked. However, the Peregrines drain the water very well, so even if you step in a huge puddle up to your knees, your feet won't get heavy and waterlogged. This also means the Peregrines breathe extremely well. That said, the shoes are not waterproof, which means you might want to avoid those puddles a bit more. Waterproofness is a personal preference based on what you'll use the shoes for. If you are running in wet or rainy environments where your feet are bound to get wet anyway, it may be better to go for a shoe like the Peregrine that will drain much better than a GORE-TEX or waterproofed shoe.
Okay, now let's talk hiking. I typically hike in heavier boots with more support, but this year I hiked with Peregrine 8s all summer in Switzerland, basically replacing my mid-hiking boots because I loved how comfortable and light the Peregrines were. For one- and two-day hikes, I loved using the Peregrines because they were just as comfortable and grippy as my hiking boots (maybe even more), but at 10 ounces, they were considerably lighter. I recently went on a more technical hike in Vermont that required a bit of scrambling, and the Peregrines still worked great, even on the tougher terrain.
I'd strongly recommend the Peregrine 8s to any trail runners and/or hikers who don't like the cost and weight of heavier boots. Of course, I'd recommend trying them on for fit first, but I think they will perform well for most users.