I wheeled a very well built 03 V8 4th Gen 4Runner for 4 years so I have a lot of experience with this subject. I loved my 4Runner, and really miss it. It was an awesome 4x4. Same V8 and 5 speed tranny as the 03 100 series. Very powerful and so so smooth. Excellent road manners. I ran 33" KM2's with ICON suspension, and everyone thought it road like a Caddy, yet it handled great offroad. ATRAC was awesome, it is pretty amazing what it would get you through. I still feel a 03 or newer 4Runner with a 3" lift, armor, and 33's will handle just about any wheeling situation you will encounter in the US short of the Rubicon.
That said, with just me and my wife, we quickly filled up the 4Runner on camping trips. The 80 has so much more room for gear. Plus, on the rock, the 4Runner was low and would get hung up. IFS is great on the road and offroad on dirt tracks. Slow work on the rocks show its weakness. That said, I still think the 03 and newer 4runners are hands down the best deal going for wheeling. You can pick a good condition model up with around 75,000 miles for $13, 000 or so. Lift tires and sliders and you are good to go. I wouldn't even spend the money to regear.
On a different note, we once ran into a bunch of Toyota engineers at Anza Borrego. We spoke with one of the head engineers about their 4th gen 4Runners. He said, in his opinion, the 4th gen 4runner was the best 4x4 Toyota had ever produced in terms of reliability, longevity, and durability. Take that for what it is worth.