I think with a detroit locker, or spooled rear end a dually would really have some killer rear end traction. Put some good tires on there and hell you could do most of what you want to do in 2wd. Tires make a HUGE difference in mud and snow. I can do most mountain trails in 2wd, a locker really helps there though.
I'll warn you though, lockers hate the road, really eats up your "expensive" off road tires. Gotta pay to play... . Like Dan said, everything has +'s and -'s. I've seen a lifted dually in town, I think its a show truck because it always looks pristine and shiny. I think he's runnin 38's on it but i always see him driving so i can't take a closer look. Truck looks sharp... . but not practical for anything really, chicks dig it i guess. I'll take my landcruiser anyday.