I am updating this review since I have had two shoe failures after reaching 350 - 500 miles.  With the first pair, a lump occurred in the middle of the heel which threw off my stride enough that the shoes had to be replaced.  Initially, I simply bought a new pair from my local running shoe expert, but the updated version of these shoes fits differently from the original.  I immediately replaced the insoles on the new pair with those from my original pair.  Nevertheless, after about 50 miles trying to break in the new pair (blue), I went back to the store and asked that my original shoes be replaced under warranty.  I received an identical replacement pair (red, as pictured) and after 350 - 500 miles I had a blow out in the right heel.  Seriously, it looked like I had a flat tire.  This time, I had the store replace the 360s with a new pair of Air Pegasus.

My original review recommended the shoes because after break-in, they seemed slightly more comfortable than foam shoes and they were expected to last much longer by eliminating foam compression.  Unfortunately, the shoes don't seem to last any longer and, therefore, their price cannot be justified.

My original review read as follows:

Nike's new Air Max 360 is the first running shoe with a midsole made entirely of air.  Over the last several years,  I've been using Nike's Air Pegusas running shoes for all of my training which are made entirely of foam.  I decided to give the new Air Max 360s a try to see if air is better than foam.

The first thing you'll notice about the Air Max 360s is the price.  At $160, they cost as much as a good cycling shoe and are definitely the most expensive running shoe I've ever purchased.  After lacing them up with Speed Laces, I immediately took them out for a 7 mile run and wasn't impressed.  But after 25 - 30 miles, they've broken in and I can now enjoy their smooth and cushy ride.  While I don't think the ride is significantly better than the all foam Air Pegusas, I do expect the Air Max 360s to last much longer.  At best, I get about 300 miles out of each pair of Air Pegusas due to foam compression.  I should get much longer life and better consistency due to the lack of compression out of the 360s.  Durability and consistency, in fact, are the only justification for the high price. 

With the Air Max 360s you get a well balanced, smooth and cushy ride that is slightly better than an all foam shoe, but with much better durability and consistency.