OP's questions seemed mainly aimed at those buying used. Some of us have been driving year one T120s since new. ;-)
In my case, I needed to move up to an SUV from the coupes that I'd been owning since getting my license in the '80s. Some of those needs ruled out what passed for crossover type vehicles at the time. The 4th Gen was head-and-shoulders better than anything else available at the time. Even my #2 choice, the Pathfinder, still came with rear drums. Didn't necessarily set out looking for a V8, but the dealer already had '04s arriving on the lot so I made him an offer he (eventually) couldn't refuse on his NOS '03.
Even today, 18 years later, the only new vehicle I'm excited about is the Bronco...which, I'll probably have to wait at least 2 years before it becomes generally available. Never fell in love with the 5th Gen, especially with only a 3.5l V6 and that mid-cycle grill refresh. If Toyota ever releases a 6th Gen, it's got to measure up to the Bronco now, IMHO.