40-60k tread life with regular rotations. It really depends on your driving style more than anything. It's a good tire. It's not a Light Truck (LT) tire, but it will hold its own, on and off pavement. P versus LT is really about weight rating. The advantage of the LT for offroad use is a reinforced sidewall which is more resistant to puncture.
The large lugs on the Duratrac really don't lend it to awesome on-pavement performance, or great performance on wet pavement. It is what it is...nobody makes a tire that's awesome in every condition. The Duratrac is an "all-terrain" tire, leaning towards off-pavement use.
In other words, if you're driving it like a rocket ship, you're on track to replace the tires between 20-40k. If you're rotating regularly and easy on the throttle, steering, and brakes, you can probably eek 60k out of them.