I've done the ToT and loved it (but I think I am one of the few). The medal is awesome, but last year there were some logistical problems, which hopefully will be ironed out this year (really dark and kind of disorganized package pickup, parking snafu that resulted in the race starting late, and -- many felt -- too little time at the after party). None of these bothered me too much -- they were trying to theme the package pickup (so I give them points for creativity!) and I am not really a night person, so after run/walking the race, I was ready to hit the hay. And like I said -- AWESOME medal and fun for me to try night racing. You can also work in side trips to the Halloween party (and Food and Wine Festivities, I think) on race weekend. It's a great time to go.
I expect the Everest Challenge would be just as much fun for me. It sounds like they are trying to make the "obstacles" fun and I like the idea of a scavanger hunt. And I always love being one of the first folks to get a medal -- there's just something about an inaugural race that is very special.
You should make the best decision for YOU, but if I had to choose, I'd probably go with the Everest Challenge just because it was the
first -- and you can't do the inaugural anything but once. Sadly, I won't be joining you at either race because I'm blowing my race budget this year traveling to
Disneyland to get that "special medal" everyone is talking about.
Whatever your decison, I hope it works out well for you. Sounds like you have two great options to pick from.