I just got an 07 v8 limited 4wd. Loving it so far! My wife went to pick it up for us, and she got rear ended 30 minutes after leaving the dealership. Thankfully, it was a charger or challenger or something so all that happened was he hit our hitch receiver. Crumpled his bumper but nothing extreme happened to our 4runner. His insurance is paying to replace our receiver, I'm not even sure ours was damaged but I think I'll take their offer due to some wear and tear/rust on ours, as well as the fact that it does not sit flush with the bumper cutout. Maybe I am asking too much, but does anyone know what replacement I could get that will sit in there as flush as possible?
Here's a photo of mine. I'd like to avoid having that little gap above the metal plate.

Imgur: The magic of the Internet

OEM hitch kit is the best you're going to get, any after market hitch won't fit into the bumper cutout or have a plate to cover the cutout.

PT228-89460 - Genuine Toyota Towing Options, Towing Hitch Kit)

Check car-part.com for V8's near you.

AuSeeker is right. I did full hitch rehab and it all fit nice and looked good after a fresh paint job. You have the tow package hitch there that will tow up to 7200 lbs. The way the OEM hitch bolts to both the frame and the rear cross member is super solid. I think a problem others have run into is that, if you get bigger tires, there isn't room for your spare with an aftermarket hitch.

want to ship your current one to me in Utah?...

How much further does the V8 load distribution hitch hang down compared to the stock V6 one that bolts to the rear crossmember?

I have a 2007 V6 that I wanted to upgrade to the v8 hitch. I was lucky enough to find a (front end) wrecked v8 locally and did a direct swap. The hitch height/location is covered by the factory "fill plate". I don't know what to call that plate, but I think it results in a lower hitch. When I say lower, I will need to defer to others, but that "lower" is less than an inch...if anything?