I'm guessing this probably belongs in another section as you're not looking at a 5th Gen probably (due to your mentioning of the V8).
There's probably going to be lots of opinions on this. It all depends on your style and what your plans are. Are you going to lift it and put huge tires on it (you might need the V8). There's romance to the simplicity and reliability of the ol' manual throw-the-lever-into-4L or 4H. It's a simpler system I believe.
Regardless of what gen you go with, I prefer the manual tcase. Ultimately it's the knowledge of your truck and your driving skill that will limit the capability of your 4r. If you know how to use either tcase, it shouldn't matter. The only thing that does is which one you prefer.
My fav is the 4th gen Torsen unit the V6 4runners came with. The AWD option is great for use in all weather and road conditions but can still be locked with offroading, while the 5th gen SR5/TE only has the traditional TC