I couldn't resist putting my 2 cents in.
This entire thread is based mostly on opinion, so here's mine;
My 2 4runners are a 1998 4wd limited and an 2008 v8 sr5 4wd.
(Don't have a 5th gen yet, but I assume it would feel more plastic than the 4th)
The 98 is no doubt the more rugged-feeling and rugged-looking car. (Although structurally I have no idea which one is stronger)
The v8 on the 08 makes the 3rd gen seem very underpowered. Especially so in the past few years after a wreck, I've noticed the '98 stays in gear longer and takes a much firmer push on the gas to speed up, making more noise than it used to. (I will save that for another thread..)
Off road, I think my v8 4th gen is more capable. The 4lo option, and the center diff. lock option, along with the huge difference in power makes a noticeable difference when I take the two off-roading.
Conclusion;
When I want something that looks and feels bad-ass, I hop in the '98 with 5% tints.
When I want something I can race soccer mom's with at the mall, I ride the v8 4th gen.
For off-roading the title goes to my 4th gen.