An approximate sparse recovery system consists of parameters $k,N$, an $m$-by-$N$ measurement matrix, $Φ$, and a decoding algorithm, $\mathcal{D}$. Given a vector, $x$, the system approximates $x$ by $\widehat x =\mathcal{D}(Φx)$, which must satisfy $\| \widehat x - x\|_2\le C \|x - x_k\|_2$, where $x_k$ denotes the optimal $k$-term approximation to $x$. For each vector $x$, the system must succeed with probability at least 3/4. Among the goals in designing such systems are minimizing the number $m$ of measurements and the runtime of the decoding algorithm, $\mathcal{D}$. In this paper, we give a system with $m=O(k \log(N/k))$ measurements--matching a lower bound, up to a constant factor--and decoding time $O(k\log^c N)$, matching a lower bound up to $\log(N)$ factors. We also consider the encode time (i.e., the time to multiply $Φ$ by $x$), the time to update measurements (i.e., the time to multiply $Φ$ by a 1-sparse $x$), and the robustness and stability of the algorithm (adding noise before and after the measurements). Our encode and update times are optimal up to $\log(N)$ factors.