First, the Fed holds up quite nicely in the rain. There was no soaking, no water going through the crown, nothing. And this with a teardrop bash, too (which would collect water, much like an Arizona crown on a cowboy hat).
Second, after getting to work (a roughly ten minute walk in the rain), the hat was incredibly pliable. So I did a little shaping and left it to dry -- no heat applied so as to avoid shrinkage and/or tapering. It shaped up GREAT! If you're looking to shape an Akubra, either new or to reshape it when you've shaped it once already, my advice is not to bother with the steam. Just wet the heck out of it, mold it, and let it dry.
The hat dried in a nice shape, and I'm really very pleased with it.
One of these days I'll have to post pics...
