Basically, The One v2 and the Escalante had a baby, and the baby got all of the good genes and none of the bad ones. All Arnold, no DiVito.
Escalante has an awesome midsole (TPU), but the upper, while comfortable, was to stretchy and lacked security.
The One v2 had a great fit and weight, but the EVA midsole wore out quickly and didn't return much energy.
The Escalante Racer has a much more secure fit, still plenty of room in the toebox, a full ounce lighter than the original Escalante, and a slightly denser and snappier midsole. Traction is good, wet or dry. Midsole is 17mm (zero drop), but feels MUCH more plush than that.
Altra's early stuff sucked, but the Escalante was a game changer, and the Racer is possibly the best shoe I have ever worn.