Well, my brother has an '01 LR Disco SII. My comments apply to only LR Disco II, not LR3.
- LR Disco SII has the best stock wheel articulation of any stock vehicle in the USA. It's RTI score is well above 700, according to Fourwheeler (don't remember exact number). For comparison, a stock 4th gen 4runner is around 430-440. I have seen my brother's Disco in action...amazing wheel articulation despite intact anti-roll bars. LR vehicles are well-known for their articulation, even the new Range Rovers and LR3. (BTW, the Defender is even more amazing than Disco II.)
- IMO, LR makes the most effective ATRAC system for the trail. Toyota comes in second. LR's ATRAC system is very sensitive and will brake a wheel quickly if it loses traction...and it will brake the wheel(s) to a full halt, not just pulsate it. It's quite effective.
- All 2004 Discovery came with a locking center differential. Prior to '04, you had to do a minor modification (can be done at home) to activate this feature.
- It has good approach and breakover angles. Departure is disappointing, but you can get the rear air suspension to help out. Both axle differential are offset to passenger side for better active ground clearance (over 11"). It also has high rocker panel which helps in off-roading.
- The engines were underpowered, drinks gas crazy, and noisy...but fairly reliable. The rest of the powertrain is not reliable.
- LR axles are considered a bit weak. They are designed for ATRAC only. You cannot put in an aftermarket locker without having to change out the halfshafts or axle. Locker + stock axle = snap, crackle, & pop.
- Discovery's ride is not pleasant...a lot of bounce, noise (mechanical and wind), body roll, and floating. It rides like an American truck. Lots of rattles too.
- Reliability is a BIG issue. My brother is getting frustrated with his Disco...tranny weird noise, ABS light goes on and off, etc.. Disco has a lot of electronic issues...but, unfortunately, it also has mechanical issues too! My brother is planning on getting rid of it soon.
- Disco does not come with stability control or brake assist, which i think is much needed in a vehicle like the Disco (tall & narrow, short wheelbase, lots of body roll). Crash protection is also only average for the Disco.
Conclusion: stock vs. stock, discounting reliability, the Land Discovery SII is better than 4runner off-road. However, reliability is a big thing...so, i would pick the 4runner over Disco II if i were to off-road often or take long off-road trips. For on-road driving, there's no comparison...4runner is light years ahead.
Hope this helps.
BTW, i am moving this thread to Comparisons.