Jörg Peitzker calls his invention Paleo Barefoots. They’re chainmail running shoes designed specifically for trail use.
His argument is that sneakers isolate the runner from the path, providing no feedback and thus increasing the likelihood of joint injury. Running barefoot provides complete feedback, but also puts the runner at risk of stepping on something sharp and painful. Additionally, running barefoot on mud can get slippery.
Peitzker thinks that his chainmail shoes provide the right balance between feeling the road and getting injured by it. Chainmail also provides excellent traction. And if you run through mud or water, it’s easy to wash and dry off.
Additionally, these shoes provide a +5 armor bonus.
-via Fashionably Geek
http://www.hypedc.com/kids/
But then there's the tendency of stainless steel to work-harden and then break, leaving a typically sharp, twisting fracture spike.
Then there's the fact that these things will work as very tough scouring pads on soft wet sweaty feet. Hello bones!.
All in all, I'd say they'll do very little protection, and a heap of damage.