Checked out some 4Runners and a few GX 470's. Finally decided on a 4Runner.
For some reason, I was getting reasonably priced loaded 470's '06 models with 34Kmiles for 32000 (least felt reasonable). In the same range, was a 08 4Runner with everything and the kitchen sink... nav/RAS/X-REAS for 33K.
I was primarily looking for V8's and which is why I was considering the Lexus and would have liked the 3rd row seating.
Picked up an '07 4Runner Limited with nav but no X-REAS/RAS.
If you want V8, like to have 3rd row seating and prefer the better quality material in the interior of the car, pick the Lexus (3rd row seating is more common than not unlike the 4runner). It wont fit adults, but in a bind, it comes in handy.
Lexus dealerships and service was of better quality from what I've heard compared to Toyota, but you pay for that in the cost of service.
Ride comfort, the Lexus definitely feels more plush, and comfortable. If you are tall and have a longer torso, the extra headroom will also help. Legroom wise, both are left wanting. I have long legs and as someone else noted, the pan where your butt rests is too short and my legs dont get the support I'd like.
From what I've heard, if you can get the warranty, the Lexus is great, but once out of warranty, I'm not sure. The electronic tild/telescoping steering column must be expensive to fix out of warranty. Another thing to consider, if you get an extended warranty on the Toyota and decide to sell it within the warranty, it might be an added incentive to the buyer. Lexus warranty is not transferrable (This was as stated by 2 dealerships, so correct me if I'm wrong).