3rd gen, hands down. I have owned a 3rd, 4th and 5th and I would say comparing them unmodified, the 4th would be my least favorite for what I use my 4runners for. It was definitely the most comfortable on road, that's for sure (had a limited). The only reason I made the switch to the 5th was for more interior room, slightly better economy, and a few added safety features (I bought the 5th to be my family friendly rig).
As far as motors go: Sure, a v8 is great, but my 3rd gen with a TRD S/C was way more than adequate. Granted, I had some other goodies to help spice it up a little bit more, but I was definitely quicker than a v8 4th gen. I absolutely love my 5th, but not a day goes by where I don't miss my 3rd.
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